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Budgeting software startup Airbase adds $23.5M to its Series A as it posts quick growth

This morning Airbase, a startup that sells spend and budgeting software for companies, announced a $23.5 million extension to its Series A. TechCrunch covered the company’s first Series A tranche last year when it put together a $7 million round. The firm has now raised a hair under $31 million, including a founder-supplied $300,000 initial investment. Bain Capital Ventures led the company’s A extension.
Why did the startup raise an A extension instead of a full Series B? Airbase CEO Thejo Kote told TechCrunch that he considers his firm “a Series A company” instead of a Series B firm because of where it is “in the lifecycle of building [its] business.” Answering the same question, Bain Capital Ventures’ Ajay Agarwal, who led the round, told this publication that in light of how Seed has changed in recent years, the company’s Series A tranche 1 could be viewed as a Seed round itself. That would make this Series A extension more akin to the company’s A.
Either way, Airbase’s valuation went up sharply in the round, rising around 3x according to the CEO.
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