Irish expenses tracking start-up secures €50,000 funding

29 Mar 2011

Dublin-based internet start-up, Plendi, has received a €50,000 investment from Enterprise Ireland’s new seed investment scheme, the Internet and Games Competitive Start Fund. The fund was highly competitive, with only 10 investments presented to over 120 applicants.

The company which was launched in November last year, takes the work out of tracking out-of-pocket expenses. Customers take a picture of their receipts using Plendi’s mobile phone application. The receipts are then transcribed by Plendi’s data entry staff into a personal online receipt manager, where the image and transaction data are permanently stored. 

“In just 4 months we have expanded Plendi into 20 different countries. This investment is a massive vote of confidence in our business and will help us to develop our smart phone technology further and reach an even larger audience,” said Plendi CEO, Fergal Murray.

“Plendi has tapped into the universal problem: everybody hates doing expenses, and wishes somebody else would do them,” added Murray.

Plendi allows customers to easily organise and report on receipts by category, client, job or project. The data can be exported to Excel and PDF format, or automatically sent to other online accounting systems. The service manages currency conversions and tracks VAT. Plendi’s basic service costs €39.95 per year and offers a 1-month free trial.

“Until now, it has not been practical or cost-effective for most people to outsource their expense recording and tracking.  Other systems require people to do their own data entry. Plendi’s platform connects mobile professionals to a shared outsourced workforce, where the work can be done quickly and accurately at very low cost,” said Murray

Greg Treston, head of High Potential Start Ups at Enterprise Ireland said: “Enterprise Ireland is delighted to support Plendi grow and develop their business. A key focus for Enterprise Ireland is to further stimulate the emergence of internet based companies in Ireland and to broaden their international base and scale. This new fund will help a new cohort of internet and games entrepreneurs like Plendi to set up and grow successful international businesses”. 

Plendi mobile apps are available for iPhone and Android. A BlackBerry app will be released in April 2011.

The service is available globally, and the company is currently serving users in more than 20 countries. 

Plendi is an alumnus of the M50 Enterprise Platform Program. Investors include Enterprise Ireland, Finaxis Limited, and Davenport GmbH.