Monday, September 21, 2015

AvidXchange Raises $225M Funding, With Unusual Backing From Foundry Grou

AvidXchange, a startup developing accounts payable and payment automation software, has receive backing from Boulder's Foundry Ventures. AvidXchange has raised a giant, $225M funding round, led by Bain Capital Ventures, and also included Foundry Group, NYCA Partners, KeyBank, Square 1 Bank, and TPG Special Situations Partners. The investment is the first by Foundry Group in AvidXchange, and is very, very, unusual for Foundry Group, which usually invests much, much earlier in a company's life cycle. According to Foundry Group, the reason for the usual investment rounding was a request by AvidXchange's founder, Mike Praeger (a friend of Feld's from his time in Boston in the 1990's), to add Foundry's Feld to the board of directors. The investment comes out of the Foundry Group Select fund. AvidXchange is based in North Carolina.