Chrome River Technologies Inc., a developer of expense management and expense report software, received a further $35 million in a December funding round from its existing investors: Argentum Group, Bain Capital Ventures, First Analysis and Great Hill Partners.
The funding will be used to support international expansion, product innovation and potential acquisitions.
Chrome River said it also be scaling up its investment in customer support.
Matt Harris, managing director at Bain Capital Ventures, said Chrome River is “the only private company in the space that can serve the global 1000.”
The 10-year-old company is one of the few expense management companies that has been able to attract that level of investment in a field dominated by the newly renamed SAP Concur.
Last summer, four expense management companies — Certify, Nexonia, ExpenseWatch and Tallie – merged in order to mount a challenge to Concur.
But the market is growing: Business travelers and their companies are hungry for expense applications that are integrated as well as automated.
The Bottom Line, an expense management blog, says that 60% of small and medium-sized businesses have an expense policy in place, but 97% of those companies reported that they still check for policy violations manually.
As mobile-enabled expense management systems become easier to use, the market is expected to grow to $2.49 billion by 2021.