Accounts payable and payment automation firm AvidXchange raises a $225m Series E led by Bain Capital. Other investors in the round included Foundry Group, NYCA Partners, and TPG Special Situations Partners.
In the statement announcing the transaction, Michael Praeger, chief executive officer and co-founder of AvidXchange, stated that “we are thrilled with the investor group that we have assembled for this round as it is a combination of investors who have deep financial technology and payments expertise, as well as robust software and SaaS company knowledge in building multibillion dollar tech companies. In separate news that was disclosed on Monday, AvidXchange said that it has broken ground on new headquarters in Charlotte, with an emphasis on the growth initiatives outlined above as part of the latest capital investment. The new building is slated to be 200,000 square feet, significantly outpacing the 115,000 square foot structure that had been planned as recently as a year ago, the Journal reported.