THANK YOU FOR SUBSCRIBING
Airbase plans to use the capital to multiple the size of its team, open a New York City office, and invest in product development. Airbase has raised $30.8 million in venture capital financing to date
FREMONT, CA: Airbase, the modern spend control management platform, raised $23.5 million extension to its Series A. The funding was led by Bain Capital Ventures, a new investor. Other investors participating in the funding round included the returning investors First Round Capital and BoxGroup. Webb Investment Network, an early-stage fund run by Maynard Webb, the former Liveops CEO have also participated in the funding besides participation from Ron Gill, former CFO of NetSuite, and Frederic Kerrest, Executive Vice Chairman, COO, and co-founder of Okta.
Airbase plans to use the capital to multiple the size of its team, open a New York City office, and invest in product development. Airbase has raised $30.8 million in venture capital financing to date.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
"Companies see the value in streamlining spend management in one place, so Airbase is adding customers quickly. When trusted investors approached us with the possibility of raising more funding, we decided to accelerate our plans and invest significantly in growth," said Thejo Kote, founder, and CEO of Airbase. "We're thrilled to announce support from Bain Capital Ventures, welcoming to our board Partner Ajay Agarwal, who brings deep expertise in the enterprise software and fintech domains."
Being a modern spend management platform, Airbase saves the companies' time and money by enabling them to manage every aspect of corporate spending. Airbase enables the finance and accounting teams to control expense requests and approvals, make bill payments, perform invoice processing, and reconcile all accounting on one platform. Replacing the usual spend management set-up of multiple siloed solutions, Airbase enables the companies to track the flow of every currency from the bank account into the general ledger in real-time. The Airbase is integrated with accounting platforms like QuickBooks Online, Xero, Oracle NetSuite, and Sage Intacct. Among others, Doximity, Segment, Tatcha, Front, Gusto, and Getaround are some of the companies that have already started using Airbase to manage their spending.
"Airbase brings together finance workflows typically held in disparate software and payment systems into one seamless experience, and their visionary product is being rapidly adopted by high-growth companies," said Agarwal from Bain Capital Ventures. "We invested in Airbase because their technology solves a real-world problem, but also because we believe strongly in CEO and Founder Thejo Kote, who has already successfully built and exited one software company, and in the excellent team he has hired."
See Also :Top Fintech Solution Companies
More in News