AvidXchange, a Charlotte, NC-based provider of an accounts payable and payment automation platform, completed a $225m minority growth financing.
The round was led by Bain Capital Ventures, with participation from Foundry Group, NYCA Partners, KeyBank, Square 1 Bank, and TPG Special Situations Partners. As part of this transaction, Matt Harris, Managing Director of Bain Capital Ventures, Brad Feld, Co-Founder of Foundry Group and Techstars, and Hans Morris, Managing Partner at Nyca Partners and former President of Visa, joined AvidXchange’s board of directors
The company intends to use the funds to hire staff to support its client growth, make select strategic acquisitions, and develop new product technologies to further serve its clients.
Led by Michael Praeger, CEO and Co-Founder, AvidXchange provides a SaaS-based platform to automate invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction.
The company serves more than 5,200 clients throughout North America.