JumpStart made the investment via the JumpStart Evergreen Fund as part of a large seed round led by Cleveland’s Drummond Road Capital as well as Techstars Ventures.
Founded in 2013 and led by Ed Buchholz, CEO, ExpenseBo provides a software-as-a-service platform that automates expense management for businesses from 50 to 50,000 employees. By integrating to credit card, calendar, email and GPS data, ExpenseBot utilizes machine learning technology to automatically create and populate expense reports for users. It also allows businesses to establish spending rules and data requirements to improve control and transparency of spend.
The company, which has also received backing from investors such as Foundry Group, 500 Startups and Kima Ventures, has offices in Cleveland, Ohio and Denver, Colorado.