Posted July 17 2020
CHARLOTTE – Following up on information first disclosed in an SEC filing, fast-growing fintech AvidXchange says the latest cash was in fact part of an oversusbscribed round now reaching a whopping $388 million.
The privately held firm which provides a variety of financial services disclosed the initial $260 million in January but did not specify the sources or note that the funding disclosed earlier this week was in fact part of that round.
At $388 million it’s one of the largest private equity funding rounds ever in North Carolina, the largest being some $1 billion going to Cary-based Epic Games in late 2018. The company already was valued at more than $2 billion based on its capital fundraising, according to Reuters. It has raised more than $900 million since launching in 2000, according to private equity data base Crunchbase.
Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman (“on behalf of clients”) were among the investors, AvidXchange disclosed Thursday. Lone Pine Capital, Neuberger Berman and Schonfeld Strategic Advisors are new investors.
