AvidXchange, with the help of angel funds in the Piedmont and Charlotte, has closed on a new round of financing.
The Charlotte firm, which develops electronic invoicing and purchasing software for the real estate industry, received more than $2 million in the deal. It said that among uses for the funds are openings of regional sales offices.
Leading the round were Charlotte Angel Partners, Piedmont Angel Network, several individuals, plus members of the AvidXchange management team and board.
Lou Anne Flanders-Stec, fund executive for the Piedmont group, said the investment was made “for a long list of reasons.”
“We watched this company for about three months, and as we watched they proved their sales availability. They know how to turn prospects into sales,” Flanders-Stec told Local Tech Wire. “They are very close to cash-flow positive and have a very experienced management team.
“We were very pleased with them after our due diligence. They just proved to be very adept at running their business.”
AvidXchange was launched in 2000 and raised $1.5 million in October of that year. Michael Praeger, the chief executive officer, David Miller, president, Chris Coutinho, senior vice president of sales, and Chris Tinsley, chief technology officer, founded the company.
AvidXchange said the new funding would be used to drive implementation of more sales. It recently released version 4.0 of its software and added a utility invoice tool. The company’s software reduces paperwork, cuts costs and permits paperless invoicing and requisitioning.