Existing investors Ramp, Mercury and Orios Venture Partners also invested, the company said in a statement.
“With the latest funding, Karbon is in the position to become the largest player in the expense management segment,” the statement said.
The new round of funding for Karbon comes in less than four months of the company raising a pre-Series-A of $12 million in September last year.
With the current round, the total funding raised by Karbon stands at around $32 million.
“We are delighted to close our Series-A because it means we now have the resources to build an even more compelling product and service to all our current and future customers.
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“We now have more than 2,000 companies as happy customers and are determined to grow this by many times this year,” Karbon’s cofounder Amit Jangir said.
Founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Sinha, Karbon is an expense management platform for small businesses, enterprises, corporates and start-ups.
Karbon closed the year 2021 with a monthly GTV (gross transaction value) of $30 million and expects to grow the GTV to $200 million per month in 2022 as credit demand picks up pace, the statement said.
