"NOMO was there for Expensify when nobody else was. While the rest of the industry was chasing unicorns and their massively unprofitable growth strategies, they recognized that the future lies in companies that achieve both profit and growth. Expensify's model achieves this through unorthodox methods most VCs don't take the time to understand, but NOMO did, and now we're cash flow positive with over $150 million in annually recurring revenue as we prepare for an IPO."
Founder of expensify
INITIAL PUBLIC OFFERING
11 / 10 / 2021
Once upon a time, a close friend named Mark Lovas decided to introduce us to one David Barrett.
Now, David Barrett was not just another tech guy who we've all read about a million times. David is almost certainly the only person in the history of the world whose brain jumped from trying to solve the homelessness problem in San Francisco to expense reports as a solution. Yet, this is how Expensify was born.
Five minutes into our first meeting, we knew we would be lucky to be a part of Expensify. David is not only brilliant, but he’s a remarkable storyteller and we were captivated by his vision. As a result of that first meeting, we quickly put an entire funding round together and never looked back. Since then, we have been fortunate to be a part of this incredible journey.
From those early days to now, watching Expensify grow their business, their team, their impact, their culture, has been nothing short of amazing. Expensify is truly like no other company. They have a flat organizational structure, no titles, no bullshit. They refuse to follow any Silicon Valley playbook. They don’t care for headlines and they tune out the noise that has only grown louder with time. They never raised money as a milestone and they won't do anything as window dressing. They are an extremely authentic group of people that has proved it is possible to build an incredibly healthy business that also has a positive impact on the world.
Expensify has never forgotten its original mission. David's seemingly crazy idea to try to make the world a better place through expense reports is working. The team has managed to fully integrate their business model with campaigns to address homelessness, climate change, hunger, and more.
We may be a big fat cliché, but for us, the best part has been the journey, not the destination. We have literally traveled the world with Expensify and we have had once in a lifetime experiences together. And the truth is that the IPO is just the beginning. We are excited for the next 100 years.
Today, we celebrate the entire team at Expensify on its initial public offering. Good things do happen to good people. And it turns out it is possible to build authentic relationships in a transactional industry.
Expensify is NOMO’s first IPO. It’s a big moment for us, but certainly not the last.
Thank you to everyone at Expensify, for allowing us to be a part of your journey. Thank you for the memories. Chapter 2 begins today.