Expense management technology company Airbase, which focuses on serving small to medium-sized businesses (SMBs), notched $60 million in Series B funding at a valuation of $600 million. Menlo Ventures headed up the round, which includes Craft Ventures as a new investor, according to a Tuesday (June 8) announcement.
In addition, Menlo Ventures Partner Matt Murphy is becoming a part of the Airbase board.
“We’re thrilled to be joining forces with Menlo Ventures and welcome Matt Murphy to our board,” Airbase Founder and CEO Thejo Kote said in the announcement. “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.”
Existing backers Bain Capital Ventures, Quiet Capital, First Round Capital, BoxGroup and Webb Investment Network also took part.
Multiple well-known industry leaders who have developed and ran successful firms were additional backers in the round. They include Plaid COO Eric Sager, former Uber CPO Manik Gupta and Carta CEO Henry Ward, among others.
Airbase also announced that it brought Aneal Vallurupalli onboard as chief financial officer. His hiring comes on the heels of recent new hires of Archit Shah as general counsel and Jaakko Iso-Järvenpää as vice president of sales.
The news comes as Airbase debuted Bill Payments+, a standalone product.
Airbase said in a recent announcement that it is the first spend management program to offer a separate subset of its accounts payable (AP) product.
“We don’t believe any other spend management company has the depth of functionality that they could even consider selling a standalone bill payments solution,” Kote said in the June announcement.
Bill Payments+ users will get partial access to the company’s employee reimbursement and commercial card features.
Users can access the Bill Payments+ offering directly from the company or through its partner community.