The company said in a statement that it plans to invest a significant amount of the funding to hire staff, make strategic aquisitions and develop new products.
The company added more than 180 employees in 2015 and the company says it sees a hiring trajectory of 600 technology jobs over the next four years. It has more than 5,200 clients for its software, which automates invoice and payment processes for mid-market companies in real estate, financial services, energy and construction.
Other investors in the financing round include TPG Special Situations Partners, Foundry Group, Nyca Partners and KeyCorp.
AvidXchange specializes in AP Automation for businesses. Automation eliminates paper by electronically capturing invoices, using business rules to route invoices for approval and storing all information electronically providing access to invoice status and history.
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