California-based Airbase announced on 06/08/21 that it closed a Series B round at USD 60 million, the company provides spend management services. This Series B round was led by Menlo Ventures.
The round also saw the participation of new investors Craft Ventures, and existing investors like First Round Capital, Bain Capital, Webb Investment Network, Quiet Capital, BOX group, and some of the prominent industry executives.
The freshly raised capital will be used to secure the position of the Airbase further, as the most comprehensive solution in class for spend management.
Words from the investors –
“Spend management is a massive category historically dominated by multiple products in disconnected silos. From day one, Thejo and team have been completely focused on understanding and optimizing the entire end-to-end workflow,” said Matt Murphy, Partner at Menlo Ventures. “Airbase has an incredible growth rate and their customers are effusive about their “product love.” Both are a testament to their leadership in executing against a very large vision.”
About Airbase-
Airbase provides service as an all-in-one spend management platform that helps companies to manage their financial visibility and control. It combines reporting, corporate cards, workflows, bill pays and accounting information all in one place.
It was founded and established in 2017, in California by Thejo Kote, with the idea of making spend management easy. The company recently crossed a milestone of annual USD 1 BIllion spend volume on the platform.
Words from the CEO –
The CEO and Founder of Airbase, Thejo Kote, Founder shared about the fundraise and the partnership with Menlo Ventures –
“We’re thrilled to be joining forces with Menlo Ventures and welcome Matt Murphy to our board,” “Menlo is known for investments in category-defining SaaS companies such as DocuSign, AppDynamics, and Benchling, and Matt specifically understands the needs of the ‘office of the CFO,’ having backed companies like Carta and ScoutRFP.”
“At Airbase, we pride ourselves on making our customers happy, by helping them replace their messy and siloed financial tech-stack (Bill.com, Expensify, corporate cards, etc.), with Airbase’s single platform. In addition to saving companies time and money, Airbase helps them fundamentally transform spend culture throughout the organization with real-time visibility into all non-payroll spend. It’s no surprise that Airbase is the only spend management platform with a 5 out of 5 customer rating on G2 Crowd.”
“We’re excited about the future and look forward to delivering software that helps companies operate higher-performing businesses.”
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