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.