CHARLOTTE – Investors keep pouring money into fast-growing fintech AvidXchange with 14 of them signing on in an offering that began July 30. The net result: nearly $119 million in equity, although $7 million is being paid in sales commission.
The privately held firm – already a so-called unicorn with a valuation well above $1 billion – says it solicited investors across 13 states. The filing was made Thursday.
The 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.