How do you get to almost $140 million in funding in one week? Well, apparently it helps if you’re a payment automation platform in Charlotte, an outdoor care software startup, and a nutrition product provider, all at once.
Welcome back to Monday Fund-Day, your start-of-the-week primer on who raised significant capital in the South in the seven days leading to this past Sunday. Read below and discover where those three companies are located and what they do. And get in touch to let us know if your startup is raising money this week, and we’ll add it to the next edition.
Congratulations to the deserving startups! Now comes the work.
Charlotte: AvidXchange ($128M)
Anyone who’s ever had an issue with an accounts payable department will cheer the fact that this automated payment solutions company pulled in big numbers to help strategic growth plans and innovation to help the buy and supply sides of business get processing right. People do like getting their paychecks on time, yes?
The equity capital raise was oversubscribed, and is part of the $260M financing AvidXchange brought in earlier in 2020. Capital management firms Sixth Street Partners, MasterCard, Lone Pine Capital, Schonfeld Strategic Advisors and others contributed for their client rosters.
Atlanta: SingleOps ($6M)
CEO Sean McCormick shared in a blog post that SingleOps, which raised $1.6M in a Series A just a year ago from David Cummings of Atlanta Ventures, just collected $6M in an investment round led by Five Elms Capital. The cloud-based “green industry” management software company helps landscaping, tree care and other outdoor businesses, reach customers quickly with estimates, work scheduling, inventory tracking and invoicing.
“In the green industry, we see that 80 percent of jobs go to whichever company sends the first proposal,” McCormick said in his blog post. “Green industry businesses must now operate in real-time to remain competitive.”
Another way to get millions in a new funding round? Grow your customer base by “well over 100 percent,” add hundreds of new customers who handle outdoor services, and generate more than 100 percent in increased revenue with an average net revenue retention rate of 120 percent. That’s a green industry that’s only going to get greener.
Ringgold, Va.: Panaceutics ($5M)
According to a statement, the personalized nutrition market expected to surpass $11B by 2026, and it’s growing at a 9 percent annual compound growth rate. Therefore, it makes a healthy bit of sense that “convenient, delicious and customized” products, made available to order and have delivered to customers’ doorsteps, would be worth investors’ attention. $5M in committed investments later, with the first tranche received as of April 20, Panaceutics is looking to get closer to the front of the market.
The new funding round, led by Virginia-based entrepreneurship development organization The Launch Place, will help the Virginia company get more production capabilities in its Danville facility, and pay for more R&D in North Carolina’s Research Triangle Park.
“Our platform goes beyond simple supplements, combining macro-nutrients such as proteins, fibers, and plant extracts fortified with custom levels of vitamins, minerals, and nutraceuticals,” Panaceutics’ co-founder Edison Hudson said in the release. Our products make it easier for our customers to get the specific nutrition they need and want in a convenient way. Thanks to this round of funding we can now scale our proven processes and serve more consumers.”
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