CDPQ leads AvidXchange’s US $300M growth equity round

Caisse de dépôt et placement du Québec (CDPQ) has invested US $100 million in AvidXchange, leading a US $300 million round of growth equity financing that includes participation from Mastercard (NYSE: MA), Temasek, and Peter Thiel.

Financial Technology Partners LP and FTP Securities LLC served as exclusive financial and strategic advisor to AvidXchange in this transaction.

Charlotte, North Carolina based ChAvidXchange is a leading fintech provider of accounts payable and payment automation. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction.

“With a strong management team and a proven business model, AvidXchange is exactly the kind of financial technology company that CDPQ is seeking to invest in,” said Aviva Shneider, Vice-President and Co-Head, Direct Private Equity, U.S. and Latin America, at CDPQ. “AvidXchange delivers a complete and simple invoice workflow and B2B payment management solution that helps medium-sized businesses solve complex multi-step processes. As an industry leader in electronic business payments, AvidXchange has seen strong adoption and is ideally positioned to grow and to succeed today and in the economy of the future.”

“We are thrilled to welcome CDPQ, a leading global institutional asset manager, as an investor and a partner,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “Their worldwide network and expertise will be great assets to AvidXchange as we expand our product offering to new markets and serve new clients outside of the United States. This is a long-term partnership that positions CDPQ and AvidXchange for continued growth and leadership in our respective spaces.”

photo credit: AvidXchange

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.