The round was chaired by Bain Capital Ventures, with contributions from Foundry Group, NYCA Partners, KeyBank, Square 1 Bank and TPG Special Situations Partners. The company is part of Bain Capital Ventures’ portfolio alongside companies such as LinkedIn, Staples and Vonage, as well as technology companies such as Experian, Billtrust and iPay Technologies. The long-term partner of the company, Financial Technology Partners LP and FTP Securities LLC (‘FT Partners’), was the exclusive financial and strategic advisor to AvidXchange in this transaction. AvidXchange intends to invest a significant amount of funding to hire staff to support its rapid client growth, to make strategic acquisitions, and to develop new product technologies to further serve its clients.
‘We are thrilled with the investor group that we have put together for this round, as it is a combination of investors with deep financial technology and payment expertise, as well as robust software and SaaS expertise in building multi-billion dollar technology companies,’ said Michael Praeger, CEO and co-founder of AvidXchange. ‘We are thrilled to have attracted such a distinguished investor group—led by what we believe are the world’s leading private equity investors with Bain Capital Ventures and TPG Special Situations Partners, together with a leader in software/technology investors with Foundry Group. Joining this group is one of the leading FinTech investor firms in Nyca, one of the most innovative ‘top 20’ banks in the country with KeyBank—plus technology-focused business banking leader Square 1 Bank, in addition to partnering with the industry’s top-of-the-line FinTech investment bank with FT Partners—an absolutely world-class group that we are proud to have as a minority.
‘AvidXchange has been on our radar for years, given our focus at Bain Capital Ventures on financial technology and high-growth payment companies in particular. We see AxidXchange as leading the evolution of automated accounts payable and business-to-business payments across all vertical lines,” said Matt Harris, Managing Director at Bain Capital Ventures. ‘The days of paper checks, manual entry, and locking boxes are gone. Automation is the wave of the future, and AvidXchange is the driving force in one of the largest untapped technology sectors—with AvidXchange, we see a great potential for growth,” continued Harris.
As part of this transaction, AvidXchange adds Matt Harris, Managing Director of Bain Capital Ventures, Brad Feld, Co-Founder of Foundry Group and Techstars, and Hans Morris, Managing Partner of Nyca Partners and former President of Visa, to its Board of Directors.
About AvidXchanging
AvidXchange revolutionizes how companies pay their bills Serving more than 5,200 clients across North America, AvidXchange is a leading manufacturer of automated invoice and payment processes for mid-market companies across multiple industries, including Real Estate, Financial Services, Energy and Construction. AvidXchange has been recognized as one of the 50 fastest-growing private companies in Charlotte for four consecutive years, ranked among Deloitte’s Fast 500 last year, and recently named Red Herring as the top 100 technology companies in North America. In the midst of record growth, AvidXchange remained true to its most valued competitive advantage-its people. For six consecutive years, AvidXchange has been recognized as one of the best places to work in Charlotte. For more information, please contact us at 800 560 a.m. 9305 or info@AvidXchanging Come on,
About Bay Capital Ventures
Bain Capital Ventures is the venture arm of Bain Capital, which has around $70 billion of assets under management worldwide. The company’s history of investing in early-stage companies dates back to 1984, with over 125 venture investments since its inception. Bain Capital Ventures manages approximately $2 billion of committed capital, has over 65 active portfolio companies and is headquartered in Boston, New York and Palo Alto. The company’s history of supporting successful IT and software companies includes Solarwinds, LinkedIn, Rapid7, Archer Technologies, Network Intelligence, AppAssure and Gartner. More information can be found at http://www Bain-capital ventures Come on, Contact person: Matt Harris
TPG Special Situations Partners (‘TSSP’)
TPG Special Situations (‘TSSP’) is the special situations and credit platform of TPG and encompasses TPG Opportunities Partners, TPG Specialty Lending, Inc. TPG and the Institutional Credit Partners
About Group of Foundry
Foundry Group is a venture capital firm focused on investing in early-stage IT, Internet and software start-ups. In addition to providing the necessary venture capital to get a company up and running, Foundry Group is committed to leveraging its experience in start-up and growing companies, expertise in the technology industry, and a network of relationships to help great entrepreneurs turn great ideas into great companies. Foundry Group is based in Boulder, Colorado, and invests in companies across the United States. Visit http://www for more information. Group of Foundry Come on, Contact: Brad Field
About Nyca Partner
Nyca Partners is a venture capital and consulting firm dedicated exclusively to the application of innovation in financial services to the global financial system. Nyca has a wealth of experience and deep connections in both finance and technology, providing a unique perspective and facility to help entrepreneurs transform payments, credit models and financial infrastructure. Visit http://www for more information. The Nicapartners Come on, Contact: Hans Morris:
Towards KeyCorp
KeyCorp was organized more than 160 years ago and is based in Cleveland, Ohio. Key, one of the nation’s largest bank-based financial services companies, has assets of approximately $94. $6 billion Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized enterprises under the name of KeyBank N. A: A Key also provides a wide range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndication and derivatives to middle-market companies in selected industries across the United States under the KeyBanc Capital Markets trade name. Visit https://www for more information. Key to the Com/Com KeyBank is a member of FDIC
About Square One Bank
Square 1 Bank is a full-service commercial bank dedicated solely to serving the financial needs of the venture capital community and entrepreneurs at all stages of growth and expansion. Square 1’s expertise, focus and strong capital base provide flexible resources and unmatched support to meet the needs of our clients. Square 1 has coast-to-coast offices in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Visit http://www for more information. Quadrat 1bank Come on,
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