Avalara, Inc., a Bainbridge Island, WA-based provider of software for sales tax and other transactional tax compliance, raised more than $42m in series D-1 funding.
New investor Technology Crossover Ventures, a provider of growth equity for premier technology companies, and existing investors led by an affiliate of Warburg Pincus made the investment.
The proceeds, which has raised more than $200m in capital since 2004, will be used to repurchase shares from existing shareholders and retain over $6m in net new growth capital.
Led by Scott McFarlane, founder and CEO, Avalara provides businesses of all sizes with cloud-based software to achieve compliance with sales tax, excise tax, and other transactional tax requirements. The solution offers hundreds of pre-built connectors into leading accounting, ERP, ecommerce and other business applications.
The company, which is backed by venture capital firms Sageview Capital, Battery Ventures, Warburg Pincus, Technology Crossover Ventures, Arthur Ventures, and other institutional and individual investors, employs more than 800 people at its headquarters and in offices across the U.S. and in London, England and Pune, India.