Fast-growing Avalara scores $7 million to cash out early investors

Scott McFarlane

Avalara, the fast-growing Bainbridge Island company that helps online merchants manage sales tax collection, has raised an additional $7 million in venture capital financing. Sageview Capital provided the funding, which is being used to cash out early investors in the company, said CEO Scott McFarlane.

The deal follows a $14 million round that Avalara closed in April from Sageview Capital, Benaroya Capital and others.

As I previously noted, Avalara is a bit of a hidden success story in the Seattle area. (Perhaps because sales tax collection software isn’t the sexiest of businesses, or maybe because of its location on Bainbridge Island).

The 220-person company — which is growing at about 60 percent and opened a new downtown Seattle office earlier this year — is on track to top $30 million in revenue this year. The company was founded in 2004 by Rory Rawlings, Jared Vogt and McFarlane.

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