Airbase snares $60m in Menlo Ventures-backed Series B raise

US spend software startup Airbase has secured $60m from a Series B funding round led by Menlo Ventures.

The round also saw participation from new investor Craft Ventures and existing investors Bain Capital Ventures, First Round Capital, Quiet Capital, Box Group and Webb Investment Network. Menlo Ventures partner Matt Murphy will join the Airbase board.

The capital raise also included a range of industry executives, including former Uber CPO Manik Gupta, Plaid COO Eric Sager and OpenGov co-founder and CEO Zachary Bookman among others. To date, Airbase has raised a total of $91m.

Established in 2017, Airbase is a spend management platform that brings all-inclusive accounts payable automation, software-enabled corporate cards and simplified employee expense reimbursements into one platform. The platform automates accounting and provides real-time reporting for all non-payroll spend.

According to Airbase, it will use the recent funding to further secure its position as ‘the most comprehensive spend management solution in its class’, as well as driving product improvements and innovation.

Airbase CEO and founder Thejo Kote said, “The reception to Airbase’s innovative spend management platform has been overwhelmingly positive and we’ve been adding new customers at a rapid pace, fast becoming the default choice for mid-market companies. The highly oversubscribed Series B round — a result of strong investor interest — gives us the opportunity to accelerate our plans for growth.

“At Airbase, we pride ourselves on making our customers happy, by helping them replace their messy and siloed financial tech-stack (, 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 for the future and look forward to delivering software that helps companies operate higher-performing businesses.”

Alongside the funding, the company recently appointed Aneal Vallurupalli as CFO.

Airbase noted it recently made its bill payments product – included in its spend management platform – a standalone package. The company also claims it became the first spend management platform to provide international payment capabilities when paying invoices. Airbase also said it recently crossed the milestone of $1bn annualised spend volume on its spend management platform.

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