Airbase recently made an exciting announcement with the successful completion of their $60M Series B capital raise, led by Menlo Ventures. The funds will further develop Airbase’s platform and mission of helping companies adopt modern, automated workflows and financial processes.
In this article, we will examine what this capital raise means and how it might benefit companies.
Airbase Announces $60M Series B Capital Raise, Led by Menlo Ventures.
Airbase is an enterprise platform that stores and organises every business spend in one place, making it easier to manage company finances. Founded in 2019, follow-on institutional investor Menlo Ventures has led Airbase’s Series B capital raise of $60M to help the company continue innovating and expanding its reach.
This investment round was designed to support the company’s growth plans, including increased product development, growing their teams across engineering and sales, marketing, customer success and support functions, and advancing innovative integrations with cloud applications like NetSuite, Slack, Xero and Plaid.
Airbase has been embraced by organisations ranging from small businesses to some of the world’s largest companies including Spotify, Conde Nast , DoorDash and Coca-Cola in just over a year. During this period Airbase raised its A round of $7.8M in February 2020 from existing seed investors Redpoint Ventures & Innovation Endeavours and Menlo Ventures who also participated in this B round from the same investor group.
This funding will enable Airbase to capitalise on rapid market adoption for modern workflows powered by automation technology like AI/ML & NLP, making it easier for organisations to increase efficiency & improve financial performance around managing business expenses.
Overview of the $60M Series B Capital Raise
Airbase, a Silicon Valley-based fintech company, recently announced it has raised $60 million in a series B round of funding. The round was led by Menlo Ventures, with participation from General Catalyst, Accel and Y Combinator. The financing will accelerate the company’s mission of providing modern workflows to business through its cloud-based expenses solutions.
The capital raise complements Airbase’s previously secured $37 million in venture funding and represents an important milestone for the company as it looks to expand its operations nationwide. Airbase plans to use this additional capital investment to scale up operations and product development efforts to enable companies of all sizes with real-time spending control solutions that are intuitive, secure and mobile-first focused.
Airbase works with businesses to eliminate bulky processes like lengthy spreadsheets or manual invoices that can waste hours each day while introducing the opportunity for fraud risk into everyday workflow transactions. By simplifying how companies manage their expenses, Airbase enables finance managers to save time and money while providing full visibility into decision making across their organisation without putting employees through cumbersome paper trails or clunky expense report software securely integrated with hundreds of partners. The goal is for small businesses and corporations alike to streamline their financial processes like never before possible before taking finances digitally with predictive insights designed for smarter decisions moving forward.
Airbase’s Impact on Companies
Airbase, a company which helps businesses with their modern workflows, has recently announced a $60M Series B capital raise, led by Menlo Ventures. This funding round will enable Airbase to further develop their software and expand its reach to more companies.
This raise is a testament to the impact Airbase is having on modern workflows, let’s explore how.
How Airbase Helps Companies Adopt Modern Workflows
Airbase is an enterprise payments platform that makes account payables and expense management easier for businesses. Their modern platform helps companies adopt cloud-based applications, automate financial operations, and reduce manual work. In addition, the company announced a $60M Series B capital raise from Menlo Ventures and other investors to continue building its mission of helping businesses improve their software stack for automated accounts payables.
Airbase’s modern platform helps companies leverage cutting-edge technology to improve their business operations. For example, automation products help companies create a real-time financial picture of their operations, increasing efficiency and accuracy while freeing time to focus on what matters most – growing their business. Airbase’s automation capabilities also help to ensure compliance with regulations, allow for better analysis of data insights, and create auditable records of all financial transactions.
In addition, Airbase’s payments offering also helps companies with cross-border payments and advanced payment methods such as virtual cards and ACH transfers. As a result, Airbase users can quickly onboard vendors anywhere in the world with any payment method they prefer, saving them time and eliminating manual complex processes such as reconciliation that often take weeks or months to complete manually.
These modern tools are made even more powerful when coupled with integrations into popular accounting tools like QuickBooks Online, NetSuite, or Xero – or even a custom integration in certain cases – allowing companies to keep accurate books without ever leaving their accounting software. Together these solutions provide enterprises the ability to standardise processes across multiple divisions regardless of location which boosts performance as well as cost savings from increased efficiency rate/ROI per unit time investment on Accounts payable processes/options without having to spend valuable time/effort on mundane labour functions.
This new capital raise will help Airbase expand its product offering while investing in resources that ensure customer success such as support teams, training programs, partner relations initiatives and much more. Furthermore, by leveraging modern technologies like AI powered computer vision (OCR) and machine learning algorithms customers can now put even mundane manual processes on autopilot which would allow them to not only save costs but enable them focus entire teams more strategically towards helping further grow the business rather than being stuck carrying out menial clericaling tasks which are inefficient at best while introducing additional potential risks due errors / inaccuracies when done manually by human agents & operators.
Benefits of Airbase for Companies
Airbase, an automated finance platform, has announced that they have raised $60M in Series B capital to continue to develop new capabilities and expand their customer base. Airbase focuses on helping companies adopt modern and streamlined workflows across their accounting operations. The solution seeks to simplify the manual processes traditionally
used for finance and accounting operations such as vendor onboarding, payment approval, reimbursements, credit card management, and expense reporting.
Menlo Ventures led the Series B round with participation from returning investors such as Canaan Partners and previous investors including Amplify Partners PBC. The company aims to utilise the funds from this round of funding to further accelerate customer growth and support continued product development, allowing companies to focus on driving key business decisions instead of managing tedious manual processes.
With Airbase’s automated platform for finance functions, businesses can experience several key benefits:
- Streamlined Workflows: Streamlined processes help save ample time in the day-to-day operations. This allows businesses to focus on how to grow rather than expensive and time consuming mundane tasks such as employee reimbursements.
- Increased Efficiency: Automating certain aspects of finance operations results in higher efficiency levels and fewer errors due to human intervention. This enables CFO’s to save money while protecting the company against fraud risks by maintaining proper checks & balances within existing policies.
- Improved Productivity: Since Airbase’s automated solutions take away much of the burden of managing financial data manually – teams can focus better on other tasks that matter for increased business productivity – budget & resource allocation etc.
With the new funding round comes a suite of new capabilities such as artificial intelligence (AI) powered insights and analytics tools allowing users greater control over their operations from financial data aggregation down to invoicing processes – providing customers with useful insights into their day-to-day activities helping them gain even further control over smooth functioning at all levels – mitigating any level risk associated with fraud or mismanagement especially when operating globally.
Airbase’s Funding History
Airbase, a Silicon Valley-based fintech software provider, announced its Series B capital raise of $60 million, led by Menlo Ventures. This is the company’s latest round of funding, following its Series A round of $20 million in 2019. This Series B round brings the total amount of money raised by Airbase to $80 million.
In this article, we will look at the Airbase funding history and what this new round of capital means for the company.
Overview of Airbase’s Previous Funding Rounds
Airbase, a platform designed to help companies manage their financial processes, has had three previous funding rounds, culminating in their most recent Series B capital raise of $60 million in April 2020. This latest raise was led by Menlo Ventures and included participation from existing investors Accel and Webb Investment Network (WIN). At the close of this round, Airbase became a unicorn startup valued at over $1 billion.
Airbase’s first funding round was in October 2017 when they raised $5.5 million from Accel for a seed round. This was followed by an additional investment of about $15 million through a Series A funding round in October 2018. Airbase made considerable progress during this timeframe with rapid customer growth, and the launch of their flagship product “Airbase Core”.
With extensive customer traction achieved in the first two funding rounds, Airbase was well positioned for its latest capital raise in April 2020 to fuel further development and expansion into new markets. The successful close of this Series B round brought Airbase’s total funding to date to $80 million, helping to solidify its place as one of the leading SaaS (Software-as-a-Service) startups with strong potential for future growth.
Details of the $60M Series B Capital Raise
Airbase, the modern finance layer for businesses, today announced the close of a $60 million Series B capital raise led by Menlo Ventures. The round also included participation from existing investors including Kleiner Perkins and Y Combinator and new backers including Sapphire Ventures and Catalyst Equity Partners.
The company’s total raised to date stands at $83 million. With this new inflow of funds, Airbase will supercharge its product roadmap, focusing on delivering greater payments intelligence and automation, giving customers even more control. The funding will also help accelerate growth initiatives including doubling the size of its engineering team over the next 12 months.
Airbase is currently used by more than 500 companies worldwide, with customers typically seeing 50–75% cost savings versus traditional corporate credit cards after implementing Airbase to modernise their accounts payable processes. With this capital raise, Airbase plans to expand into international markets and build additional products such as advanced integrations with popular business tools like QuickBooks or Salesforce that delight customers with an even smoother user experience.
Investors in Airbase
Airbase, a software platform that automates back-office operations for modern companies, has announced a successful $60 million Series B capital raise, led by Menlo Ventures. This recent raise brings the total amount of funding that Airbase has secured to $100 million.
This news has sparked interest from investors to find out the names behind this funding round. So let’s look closely at the investors backing this new venture.
Overview of Menlo Ventures
Menlo Ventures is a global venture capital firm that invests in early-stage technology companies. With more than $6 billion in capital under management and offices in Palo Alto, San Francisco, Seattle, and New York City, Menlo Ventures has invested in over 500 companies across a variety of industries such as cloud services and SaaS, robotics and Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML), fintech, digital media, healthcare IT and mobility. Equity investments typically range from $2 million to $25 million.
Since Menlo Ventures was founded in 1976 by Brook Byers and John Fisher, the team has been dedicated to combining innovation with experience. They strive to bring together top-tier entrepreneurs with life science veterans for long-term growth and prosperity for their portfolio companies. With an experienced team of a dozen partners focused on investing broadly from seed through scale-up stages and having access to leading corporate strategic relationships including Microsoft Ventures, HPE Growth Capital Group & Samsung NEXT will ensure Airbase’s continued success as they continue to grow their presence around the world with their modern workflow solution.
Other Investors in Airbase
The Series B capital raise was led by Menlo Ventures, but was supported by several investors. The additional investors included former Airbnb executive Eric Schmidt, ex-Blue Apron CTO Gagan Biyani, existing investor Initialized Capital, Workday Ventures, and Canvas Ventures. Also including, PayPal co-founder Max Levchin’s venture fund and former Slack executive April Underwood, at her new firm #Angels.