Cardata Raises $100M in Capital to Accelerate Growth and Investment in Product Innovation

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. Our phenomenal team is the cornerstone of our success. 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. We are grateful for the trust and confidence Wavecrest has shown in our vision, and we’re excited to embark on this exciting journey together.”

Vaibhav Nalwaya, co-founder and Managing Partner at Wavecrest, said, “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.”

“Cardata offers companies a tax-efficient way to reimburse employees who use their own car for work, unlocking real savings to companies and employees,” noted Eric Emmons, Managing Partner at MassMutual Ventures. “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.

Cardata provides cost-effective and accurate ways to reimburse drivers for using their personal vehicles for work, with IRS-compliant programs like Fixed and Variable Rate (“FAVR”) and Tax Free Car Allowance (“TFCA”).

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Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies based in both North America and Western Europe. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest’s team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit

MassMutual Ventures (MMV) is a multistage global venture capital firm with teams based in Boston, Singapore, and London, managing over $1 billion in investment capital. MMV helps accelerate the growth of the companies it partners with by providing capital, connections, and advice. With its deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit

Divash Basnet

SOURCE Cardata