The funding helps bring the company’s valuation above the $600M mark. Here are the top-line bullets you need to know.
Airbase, a spend management platform, has raised $60M in a Series B round. The round drew participation from Menlo Ventures, Bain Capital Ventures, First Round Capital, Quiet Capital, and Webb Investment Network, among others.
How’s the company performing?
- California-based Airbase is an all-in-one spend management platform that brings together all operations associated with accounts payable, like bill payments, corporate cards, and employee reimbursements.
- Its solution can integrate with general ledgers such as QuickBooks Online, QuickBooks Desktop, Xero, Sage Intacct, and Oracle NetSuite.
- Airbase’s customers include Segment, Harness, Cameo, Lattice, Mixmax, and Gremlin.
- By Q2’20, the company had recorded a year-on-year ARR growth of 280%. During the first two quarters of 2020, it recorded a net revenue retention rate of 126%.
Why does the market matter?
- The global spend management software market is expected to grow at a CAGR of 17.7% and reach a value of $3.97B by 2027, according to Verified Market Research.
- This growth has been fueled by growing digitization across industries. Businesses now require a solution that unifies spend management software and expense reporting and analytics.
- Companies are trying to find solutions that help them comply with tighter regulatory requirements. This, combined with the need to limit company expenses without impacting operations as well as the increasing use of market intelligence, has driven up demand for spend management software.