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$225 million secured by AvidXchange from Bain Capital Ventures

AvidXchange, a supplier of statement automation and bill reimbursement handling

software, has received a $225 million funding round controlled by Bain Capital

Ventures. Growing with more than 5,200 clients all over North America, AvidXchange

aims mid-market firms in businesses such as financial services, real estate, construction

and energy. The company formerly raised up to $10 million at a $202 million estimate in

May 2014. Its determination to use the new funds to employ staff, make tactical

achievements and in the development of new product technologies.

In the declaration declaring the deal, co-founder and CEO of AvidXchange, Michael

Praeger specified that “we are overjoyed with the shareholder group that we have

gathered for this round as it is a grouping of shareholders who have depth knowledge of

economical technology and are expertise in payment, along with strong & robust

software and SaaS firm information which will help to design or develop multiple billion

dollar tech companies.

Under the standings of the share, quite a lot of fresh board fellows will take their position

through AvidXchange. MD at Bain, Matt Harris connects to the board, along with Hans

Morris, the MD of Nyca Partners and the former Visa president, and Brad Feld who is

the co-founder of TechStars & Foundry Group.

In discrete newscast that was revealed on Monday, AvidXchange alleged that it has

fragmented ground on the new head office in Charlotte, with an importance on the

development enterprises bounded above as part of the modern wealth investment. The

newly constructed building is scheduled to be 200,000 square feet, knowingly

overtaking the 115,000 square foot construction that was already been prearranged as

recently as a 1 year ago, reported by a Journal.

$225 million secured by AvidXchange from Bain Capital Ventures
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