Airbase founder and CEO Thejo Kote knows something about running a business on a budget. He started his corporate spend-management company with $300,000 of his own money and didn't raise outside funds for two years.
Now, venture capitalists are clamoring to back Airbase, which combines bill payments, corporate cards, and employee reimbursements into a single dashboard. The startup recently raised $60 million, on top of $31 million of earlier funding.
In April, the team put together a 12-page memo used to pitch investors, instead of a traditional slide deck.
It was text-heavy and information-dense, but it worked.
Airbase gave the pitch to Menlo Ventures and had a term sheet in hand less than two weeks later, TechCrunch's Alex Wilhelm reported. The round also had partipation from some name-brand startup executives, including Henry Ward, CEO of Carta; Eric Sager, chief operating officer at Plaid; and Frederic Kerrest, chief operating officer at Okta.
Now read Airbase's pitch memo below.
