Toronto-based software startup Cardata has raised $100 million to accelerate its new product innovation to support what it called its rapidly growing customer base.
Cardata provides tax-compliant mileage reimbursement software. Wavecrest Growth Partners led the round with participation from MassMutual Ventures. The round closed on Sept. 26.
Cardata provides a suite of reimbursement software, compliance programs, and business intelligence tools for companies whose employees drive their personal cars for work.
Cardata, which was founded in 1999, did not specify a series level for the round. According to Crunchbase, the company has had two funding rounds in total.
Over the past three years, under the leadership of co-founders Sheret Ross (CEO) and Michael Levine (president), Cardata claims it has tripled its annual recurring revenue and grown by over 200 percent in aggregate. Cardata is on track for another record-breaking revenue growth year, claimed the startup.
Cardata provides a suite of reimbursement software, compliance programs, and business intelligence tools for companies whose employees drive their personal cars for work.
Levine said the raise represents a pivotal investment in Cardata’s journey.
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“With this infusion of capital, we’re not only securing the future of our organization but also demonstrating our commitment to nurturing and retaining exceptional talent. This funding will propel us into a new era of growth, enabling us to explore innovative opportunities, expand our market presence, and deliver even greater value to our customers” he said.
With the new capital, Cardata claimed it will reach 70 employees. The company did not say how many employees it currently had, or how many it intended to hire or by when.
Wavecrest cited Cardata’s strong growth and stellar team as reasons for investing. Vaibhav Nalwaya, co-founder and Managing Partner at Wavecrest, said, “Michael and Sheret’s vision to build a vehicle management platform, along with the company’s strong fundamentals and substantial market opportunity, has led us to support them in this next chapter of expansion.”
In January, Cardata announced it would start working with Trellis, an insurtech company that works with partner firms to offer embedded insurance. The goal, the company said, is to help Cardata users find savings on best-in-class auto insurance.
For the $100-million raise, Raymond James & Associates served as exclusive financial advisor to Cardata. Stikeman Elliott acted as legal advisors to Cardata, while Goodwin Procter and Cassels served as advisors to the new investors.
Image courtesy of Unsplash
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