TORONTO, Sept. 28, 2023 /PRNewswire/ -- Cardata , a leading provider of tax-compliant mileage reimbursement software to leading global organizations, today 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. 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.Sheret Ross, CEO at Cardata, said, "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."Michael Levine, President at Cardata, said, "This significant investment represents a pivotal moment in our company's journey

CarData Consultants, an Oakville, Ontario, Canada-based provider of vehicle reimbursement software, secured a growth investment from Spruce Grove Capital. The amount of the deal was not disclosed. The company intends to use the funds to accelerate its continued expansion within the corporate vehicle reimbursement market throughout North America. Founded in 1999 by John Domsy, CarData provides […]