AvidXchange Inc., an automated bill processing company, has raised $2.5 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.
The Charlotte, North Carolina-based company raised all $2.5 million of its proposed offering through two investors. It declined to disclose what it intends to do with the funds.
The company had raised $300 million in June and $14.5 million in November 2016.
AvidXchange provides bill payment solutions to companies through streamlining the accounts payable process. By eliminating 100 percent of paper invoices, the company strives to improve productivity and reduce costs.
According to its website, AvidXchange is the first SaaS technology vendor to automate invoice processing. The company serves more than 6,000 clients across North America.
In November, AvidXchange was recognized as one of Deloitte’s 2017 Technology Fast 500 for the fourth year in a row, growing 268 percent during the period. AvidXchange also received the Top Software Award from the North Carolina Technology Association and has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years.
On Nov. 20, AvidXchange acquired Ariett, a leading cloud solution provider in the purchase-to-pay market, for an undisclosed amount.
Michael Praeger is the co-founder and chief executive officer of the company, which started in 2000.
He has spent the last 20 years founding, managing, merging and selling technology and web services-related companies. Prior to establishing AvidXchange, he was a co-founder of PlanetResume.com, a technology career enhancement and recruiting site that successfully completed its merger with CareerShop.com and CareerTV.net in November 1999.
Prior to that, he was co-founder and CEO of InfoLink Partners and InfoVentures LP.
Companies such as AvidXchange relying on a Reg D exemption do not have to register their offering of securities with the SEC, but must file what’s known as a Form D electronically with the SEC after they first sell their securities.
The filing can be found here.
