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March 2, 2022

Bulgaria’s Payhawk secures additional $100m funding at $1bn valuation

Payhawk has raised an additional $100m as part of its Series B funding round at a valuation of $1bn, becoming the first Bulgarian unicorn.

The round, which brings the firm’s total Series B round to $215m, follows a $115m initial tranche of Series B funding announced in November 2021.

Lightspeed Venture Partners led the fundraising with participation from new investors Sprints Capital, Endeavor Catalyst, HubSpot Ventures, and Jigsaw VC.

Existing backers such as Greenoaks, QED Partners, and Earlybird Digital Eas also joined the round.

Payhawk said it will leverage the new capital to expand its product team and accelerate its efforts to develop additional enterprise features.

This includes the recruitment of 60 additional senior software engineers to its product team in Sofia.

The funds will be also used by the firm to bolster its sales and marketing team as it looks to enter new markets in 2022.

Payhawk CEO and founder Hristo Borisov said: “Becoming the first unicorn in Bulgaria is a huge testament to the hard work and resilience of our team over the last three and a half years.

“We always knew that we could build a big company if we addressed a significant problem in a large market. The size of the opportunity still drives our growth and ambition today.”

Payhawk currently serves businesses in 30 countries across a number of industries, currencies and payment methods.

The firm, which has offices in London, Sofia, Berlin, and Barcelona, is set to open new offices in Amsterdam and Paris this month, and in New York in September.

The company also aims to increase its headcount from 100 to over 300 by the end of this year.

Lightspeed Venture Partners partner Arsham Memarzadeh said: “Payhawk is more than just spend management software. It’s a one-stop-shop for finance teams to consolidate the previously disparate systems required to spend, track, process, and budget corporate funds.”

Last year, Payhawk teamed up with banking-as-a-platform (BaaS) platform Railsbank to offer one click bill payments and reimbursements.

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