Airbase, a San Francisco CA-based spending management platform for small and midsize companies, raised $60M in Series B funding.
The round, which brought total venture funding to $91M, was led Menlo Ventures, and includes new investor Craft Ventures. Existing investors Bain Capital Ventures, First Round Capital, Quiet Capital, Webb Investment Network, and BoxGroup also participated. Other backers included new investors Henry Ward, CEO of Carta; Manik Gupta, former CPO at Uber; Eric Sager, COO at Plaid; Kenny Mendes, Head of Operations at Coda; Zachary Bookman, Co-founder & CEO of OpenGov and Scott Shipman, former Chief Legal Officer at AppLovin and current CLO at Dapper Labs and returning investors Frederic Kerrest, Executive Vice Chairman, COO and Co-founder of Okta; and Sriram Krishnan, former executive at Spotify and Tinder. In conjunction with the funding, Matt Murphy, Partner at Menlo Ventures, joined the Airbase board.
The company intends to use the funds to further develop the platform and expand its business reach.
Led by Thejo Kote, Founder and CEO, Airbase provides a spend management platform for small and midsize companies. It combines accounts payable automation, software-enabled corporate cards, and employee expense reimbursements. Airbase applies consistent approval workflows across all areas, automates accounting, and provides real-time reporting for all non-payroll spend.
The company recently crossed the milestone of $1B annualized spend volume on the platform.