VC firms invested $300 Million in AvidXchange in 2017, helping push Charlotte companies past the Triangle in outside funding by $180 million.

AvidXchange CEO Michael Praeger believes more entrepreneurs need access to capital for Charlotte small businesses to reach their potential.

"You need three things: you need capital, you need talent, and then you need a support system," Praeger said. "There's only so far a new entrepreneurial venture can go before you have to start investing."

The city has the Charlotte Community Capital Fund to assist small businesses with gaining access to capital.

That's for business owners with less than $750,000 of personal net worth.