News

Airbase startup raises USD 60 mln in Series B funding

Friday 11 June 2021 11:17 CET | News

US-based Airbase, a corporate spend startup, announced that it has closed a USD 60 million Series B led by Menlo Ventures.

According to representatives, the firm’s new capital was raised on a USD 600 million valuation, post-money, which means that the Menlo-led transaction involved 10% of the company’s shares.

The round, which brought total venture funding to USD 91 million includs investor Craft Ventures, while existing investors Bain Capital Ventures, First Round Capital, Quiet Capital, Webb Investment Network, and BoxGroup also participated.

The company intends to use the funds to further develop the platform and expand its business reach. 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.

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Keywords: funding, SMEs, corporate card, spend management
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech