Cardata raises $100m capital to accelerate growth in product innovation

Cardata, the provider of tax-compliant mileage reimbursement software to leading global organizations, announced a new round of growth investment led by Wavecrest Growth Partners, with participation from MassMutual Ventures.

Founded in 1999, Cardata provides a suite of reimbursement software, compliance programs, and business intelligence tools for companies whose employees drive their personal cars for work. Over the past three years, under the leadership of Sheret Ross and Michael Levine, Cardata has tripled its annual recurring revenue, growing by over 200% in aggregate. Cardata is on track for another record breaking revenue growth year.

Sheret Ross, CEO, Cardata: "Companies are turning to more efficient vehicle programs to deliver benefits and savings to their employees. As Cardata has helped tens of thousands of drivers get reimbursed for using their personal car for work, we aim to unlock more value for our users and expand our market coverage. This strategic investment from Wavecrest and MassMutual will accelerate the pace of our product innovation and help us continue to deliver a superior experience, along with new products, for our users."

This latest strategic investment will accelerate the Company's market coverage and pace of innovation in both its core systems and new products, enabling it to continue to support its rapidly growing customer base.

Vaibhav Nalwaya, Co-founder and Managing Partner, Wavecrest: "We have been really impressed by Cardata's strong growth and stellar team. 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. We are excited to partner with the team to help them continue to innovate and fuel growth."

Eric Emmons, Managing Partner, MassMutual Ventures: "Cardata offers companies a tax-efficient way to reimburse employees who use their own car for work, unlocking real savings to companies and employees. We've been impressed with the company's ability to provide value to its long-standing clients and vision for a more integrated platform."

Raymond James & Associates served as exclusive financial advisor to Cardata in connection with this transaction. Stikeman Elliott acted as legal advisors to Cardata, while Goodwin Procter and Cassels served as advisors to the new investors.

www.cardata.co