Avalara, a provider of tax compliance software, has raised $50 million in new capital to fund growth and acquisitions.
Existing shareholders invested a total of $96 million in Avalara, approximately $50 million of which is apportioned for growth and acquisitions. The remainder of the investment was used to repurchase shares from early investors. Investors include Warburg Pincus, Sageview Capital and Technology Crossover Ventures.
“We are gratified by our investors’ continued support and commitment to Avalara,” said Scott McFarlane, founder and CEO of Avalara, in a statement. “This financing offers some long-term individual shareholders a liquidity event, while enabling more recent institutional investors to increase their stake. In addition, these funds enable Avalara to continue to accelerate the global growth of our Compliance Cloud platform.”
Including this round, the company has raised more than $300 million since 2004.
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