June Fund is a global technology investor, backed by leading industrial minds. Focus on infrastructure technologies, networks, protocols, and open software. June takes a macro-thematic, stage-agnostic view on technologies and new economic models.
June Fund is a global technology investment firm. Established in 2017, the fund has invested in more than 25 companies, most of which tackle large global markets through technology. They are based in Germany and invest worldwide.
As a technology fund, June Fund was looking into expense management solutions in Europe, and we came across Payhawk. We also liked the fact that Earlybird’s Digital East team had backed the company early in 2020. We were intrigued to get to know more about the company and the team and we contacted Hristo, the CEO, right away.
Payhawk had a different pitch than the other expense companies we were talking to. Payhawk focused not so much on startups and small companies but on mid-size companies. June thought this was a great niche for a solution like Payhawk, not too big where all systems are in place and not too small where revenue comes from a higher number of smaller deals.
Another interesting factor about Payhawk is that it is available in markets where competition is not so high, like Central Europe, Spain, and Germany.
What we love about Payhawk is the amazing FX rates, as we travel plenty around the world. My team is also very happy with the support team. The mobile app could be a bit more innovative and have more supporting content like mini-videos explaining how things work. At Payhawk, we are working on the mini videos, we just hired a video expert in our Customer Success team 🙂
David took the opportunity to ask some questions. We try to answer them below.
He asked about how we deal with the change of mentality in companies that manage expenses for more than 20 years with personal cash and reimbursements. The answer is simple, at Payhawk, we try to convince the finance director of two things; First, they will save time and money using an expense platform with cards. No more expense reports, no more chasing your team for receipts, and no more paying personal credit card fees. Second, they will have 100% control of all expenses in real-time.
This is one of the virtues of Fintech companies like Payhawk, we can compile all expense data in one simple platform. This is a game-changer for many CFOs and finance leaders, and they are willing to give it a try. Especially knowing that is a monthly subscription. At Payhawk, we do not believe in annual commitments.
David also asked how we are acquiring new customers. Like many software as a service company, we have inbound and outbound strategies. We focus on a particular sector that has a use case that fits perfectly with our product and then we just dig deeper. These specific sectors can vary in EU countries, as a result, we have team members on the ground to be able to spot them.
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