The accountancy software provider has closed $17.5m in funding and announced a corporate venturing unit dubbed Expensify Ventures.

US-based accountancy software developer Expensify launched a corporate venturing unit called Expensify Ventures yesterday, revealing its first investment is in US-based receipting service Piper.

Founded in 2008, Expensify produces expense management software, its core product being a receipt scanning tool called SmartScan.

Expensify closed a $17.5m series C round concurrent to the fund’s launch that was led by venture capital firm OpenView Venture Partners. The round, which also included Redpoint Ventures, Hillsven Capital and Point Judith Capital, will fund the…