It's not quite the gain it first appears as most will go to repurchase shares from existing shareholders, leaving a net new $6 million. The Bainbridge Island, Wash.-based company says it has raised $200 million since 2004. TCV has invested in companies that include Expedia, Facebook, GoDaddy, Groupon and Netflix. The company has taken several steps in the last year that show the scope of its plans. In October, it hired Richard Asquith as VP of global tax compliance. Avalara said Asquith's hiring is part of its plan to develop its transactional tax compliance offerings internationally. In December, it acquired VATLive.com, an online service that provides tax news, analysis and rate changes, where Asquith had previously served as the service's administrator.
AVALARA NETS $6 MILLION FUNDING Featured
Avalara has been raking in the capital. In November, it announced it had raised $100 million in financing from an affiliate of Warburg Pincus. This week, the sales-and-use tax company said it had brought in $43 million more with Technology Crossover Ventures company on board, along with existing investors that include Warburg Pincus.
