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Airbase, a spend management platform for small to mid-size companies, announced a $60 million round of funding led by Menlo Ventures. It brings the company’s valuation to $600 million, according to a press release announcing the investment.
Airbase said the fresh capital will be used to drive product improvements and innovation to define the category, transform how companies spend money and elevate the role of employees to focus on value-added work. The Airbase solution combines accounts payable automation, software-enabled corporate cards and employee expense reimbursements.
A TechCrunch article said Airbase CEO Thejo Kote sees the spend management market segmenting along target customer scale. Airbase has focused on the mid-market.