Airbase raises $60 million in a Series B funding round led by Menlo Ventures

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SaaS News -Airbase-raises-$60-million-in-a-Series-B (source: SaaS Industry)
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Airbase has raised $60 million in a Series B funding round led by Menlo Ventures. The additional funds will be used to solidify Airbase’s position as the most comprehensive spend management solution in its class. Airbase just passed the $1 billion mark in yearly spend volume on the platform. In recent weeks, Airbase revealed that its bill payments product, previously only available as part of the spend management platform, is now available as a standalone package.


Airbase, a corporate spend startup, has announced that it has raised $60 million in a Series B funding round led by Menlo Ventures. Other investors include new investor Craft Ventures, existing investors Bain Capital Ventures, First Round Capital, Quiet Capital, Webb Investment Network, and BoxGroup.

The additional funds will be used to solidify Airbase’s position as the most comprehensive spend management solution in its class, as well as to drive product improvements and innovation that will continue to define the category, transform the way businesses spend money and elevate employees’ roles to focus on the value-added work that makes businesses successful.

Matt Murphy, a partner at Menlo Ventures, joins the Airbase board, which includes Ajay Agarwal from Bain Capital Ventures and Bill Trenchard from First Round Capital. 

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.

Thejo Kote, founder and CEO of Airbase

Spend management is a massive category historically dominated by multiple products in disconnected silos. From day one, Thejo and his team have been completely focused on understanding and optimizing the entire end-to-end workflow. 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 vast vision.

Matt Murphy, a partner at Menlo Ventures

Mr. Thejo added that they were looking forward to developing software that helps firms run higher-performing businesses in the future.

In recent weeks, Airbase revealed that its bill payments product, which was previously only available as part of the spend management platform, is now available as a standalone package, making it the first spend management platform to offer international payment capabilities for paying invoices. In addition, Airbase just passed the $1 billion mark in yearly spend volume on the platform.

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