Accounts payable and payment automation firm AvidXchange said Monday (Sept. 14) that it has garnered a $225 million investment led by Bain Capital.
The company said in a release that the minority growth financing round also included several investors in addition to Bain, including Foundry Group, Nyca Partners, TPG Special Situations Partners and others. The funding will be earmarked to help hire staff focused on client growth, strategic acquisitions and new product development. In terms of staffing, the Charlotte Business Journal reported on Monday that the company has added 180 employees this year, to a current total of 420 staffers now. The company will look to beef up that number to 600, according to the Journal.
Under the terms of the investment, several new board members take their place with AvidXchange. Matt Harris, managing director at Bain, joins the board, as do Hans Morris, managing partner at Nyca Partners and a former Visa president, and Brad Feld, cofounder of Foundry Group and Techstars.
In the statement announcing the transaction, Michael Praeger, chief executive officer and co-founder of AvidXchange, stated that “we are thrilled with the investor group that we have assembled for this round as it is a combination of investors who have deep financial technology and payments expertise, as well as robust software and SaaS company knowledge in building multibillion dollar tech companies.
In separate news that was disclosed on Monday, AvidXchange said that it has broken ground on new headquarters in Charlotte, with an emphasis on the growth initiatives outlined above as part of the latest capital investment. The new building is slated to be 200,000 square feet, significantly outpacing the 115,000 square foot structure that had been planned as recently as a year ago, the Journal reported.