CHARLOTTE – AvidXchange is worth even more money today after raising another $66 million in new capital from five investors.
Already valued at well above $1 billion after earlier funders this year, the privately held Charlotte fintech firm disclosed in a securities filing the new cash.
Five investors provided the funding, which the company said was the full amount it sought. Nearly $4 million was paid in sales commission.
AvidXchange raised nearly $119 million in equity in July from 14 investors. Some$7 million is being paid in sales commission.
The July news came just hours after AvidXchange cracked the Inc 5000 list of fastest growing privaely held US firms for the eighth time. AvidXchange says it had a three-year growth rate of 133% and was ranked 2,958th. Inc’s rankings are based on information provided by companies.
The latest funding follows a whopping $388 million raised in an unfolding series of funding across recent months.
“With only 40 percent of U.S. businesses automating their accounts payable processes, we continue to solve a real problem for companies that still rely on paper invoices and checks, fundamentally changing the way they pay their bills” said Michael Praeger, Co-Founder and Chief Executive Officer at AvidXchange, in the firm’s latest official funding announcement earlier this summer.
“This has become even more evident as we see businesses implementing continuity plans and shifting to work from home models, making automation essential to support mission critical processes and keep operations running.”
AvidXchange is in the process of building a new headquarters and continues to add jobs.