Airbase, a San Francisco, CA-based spend management platform, raised $23.5m in Series A extension funding.
The round was led by new investor Bain Capital Ventures with participation from returning investors First Round Capital and BoxGroup, as well as Webb Investment Network, an early-stage fund run by former Liveops CEO Maynard Webb; Frederic Kerrest, Executive Vice Chairman, COO, and co-founder of Okta; and Ron Gill, former CFO of NetSuite.
The company will use the capital to increase the size of its team, invest in product development, and open a New York City office. To date, Airbase has raised $30.8 million in venture capital financing.
Led by Thejo Kote, founder and CEO, Airbase is a spend management platform for companies to save time and money by enabling them to manage every aspect of corporate spending. With Airbase, finance and accounting teams can control expense requests and approvals, perform invoice processing, make bill payments, and reconcile all accounting on one platform. The system is fully integrated with accounting platforms Oracle NetSuite, QuickBooks Online, Xero, and Sage Intacct.
Fast-growing companies such as Front, Gusto, Doximity, Segment, Tatcha, and Getaround are already using Airbase to manage their spending.