# AvidXchange

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/avidxchange

- Industry: Software
- Headquarters: Charlotte, US
- Website: www.avidxchange.com
- Total disclosed funding: $402M
- Latest round: Series F (Apr 7, 2020)
- Investors on record: 16

## About

Based in Charlotte, North Carolina, and founded in 2000 by its co-founder and CEO, Michael Praeger, AvidXchange, Inc. operates as a developer and provider of software-as-a-service-based accounts payable and payment automation solutions for mid-market companies. In September 2020, AvidXchange, Inc. raised USD 66 million in venture funding from Sapphire Ventures. In October 2021, AvidXchange Holdings, Inc. raised USD660 million in an IPO trading on the Nasdaq Global Select Market under the name AVDX. As of November 2021, the company has around 1,500 employees, 6,000 customers and 680,000 suppliers nationwide.

AvidXchange, Inc. provides accounts payable (AP) automation software and payment automation solutions for middle-market businesses and their suppliers. Its end-to-end software and payment platform are built on SaaS that digitizes and automates AP workflows. AvidXchange's solutions include invoice automation software, bill payment automation software, purchase order automation software, and utility bill management.

AvidXchange, Inc. generated a revenue of approximately USD 186 million in 2020 and approximately USD 149 million in 2019.

AvidXchange, Inc. plans to use the funds raised through the IPO to hire additional staff, enhance sales and marketing, and hold the funds as working capital.

## Funding rounds

- Series F, Apr 7, 2020, $128M — TPG, Neuberger Berman, Mastercard International Incorporated, Lone Pine Capital, Pivot Investment Partners, Schonfeld Strategic Advisors, Sixth Street
- Series F, Dec 27, 2019, $130M — TPG
- Series E, Nov 15, 2016, $15M — Fifth Third Bank, Pivot Investment Partners
- Series E, Jul 21, 2015, $130M — HarbourVest Partners, Bain Capital, TPG, Foundry Group, KeyBank, Square 1 Bank, Nyca
- Series C, Sep 27, 2010, $0.3M — Boathouse Capital, Charlotte Angel Partners

## Investors

- Boathouse Capital (https://capitalatlas.ai/funds/boathouse-capital) — Series C
- Charlotte Angel Partners — Series C
- HarbourVest Partners (https://capitalatlas.ai/funds/harbourvest-partners) — Series E
- Bain Capital (https://capitalatlas.ai/funds/bain-capital) — Series E
- TPG (https://capitalatlas.ai/funds/tpg) — Series E, Series F
- Foundry Group (https://capitalatlas.ai/funds/foundry-group) — Series E
- KeyBank — Series E
- Square 1 Bank — Series E
- Nyca (https://capitalatlas.ai/funds/nyca) — Series E
- Fifth Third Bank — Series E
- Pivot Investment Partners (https://capitalatlas.ai/funds/pivot-investment-partners) — Series E, Series F
- Neuberger Berman (https://capitalatlas.ai/funds/neuberger-berman) — Series F
- Mastercard International Incorporated — Series F
- Lone Pine Capital — Series F
- Schonfeld Strategic Advisors — Series F
- Sixth Street (https://capitalatlas.ai/funds/sixth-street) — Series F