Accel Partners and Ribbit Capital have invested $35 million in funding in Invoice2go, a mobile app to manage cash flow through invoicing, expense tracking and reporting tools. Along with the funding, Invoice2go is opening an office in Palo Alto, California and has named Greg Waldorf, CEO-in-Residence at Accel, as its new chief executive officer.
Invoice2go, the mobile app that helps small businesses to manage cash flow through easy-to-use invoicing, expense tracking and simple reporting tools, has raised $35 million in financing from Accel Partners and Ribbit Capital. As part of the announcement, Invoice2go is opening a new office in Palo Alto, California, and has appointed Greg Waldorf, CEO-in-Residence at Accel Partners, as Invoice2go’s new CEO.
This is the first round of funding for the startup, founded by Australian developer Chris Strode, who anticipated the demand for mobile productivity tools for small businesses right from the initial iPhone launch. Its speed to market, innovative and easy-to-use design has made Invoice2go the highest grossing business app in over 50 countries, accounting for more than $10 billion of invoicing volume annually.
With Invoice2go, small businesses get paid seven days faster and save three hours per week on average, which significantly improves cash flow and streamlines business operations. These benefits have made Invoice2go an indispensable platform for over 100,000 small business owners worldwide who trust it to manage their businesses.
The investment was financed by Accel Partners, who has a track record of building start ups into lasting, category defining companies and Ribbit Capital, who specialize in disruptive financial tech plays.
Greg Waldorf joins as CEO, having previously served as CEO of eHarmony and as Lead Director at real estate site Trulia, in addition to his time with Accel. Waldorf brings years of experience developing startups into market leading brands and as CEO of Invoice2go, he will build a global, cross-functional team from the Palo Alto office to drive further expansion of the business. He also co-invested in the business alongside Accel. Invoice2go’s founder, Chris Strode, will continue to spearhead product development from the company’s Sydney office.
“Chris and the Australian team have done an incredible job building Invoice2go to become a market leader in mobile invoicing globally.” Greg Waldorf, CEO of Invoice2go, commented. “There is a tremendous market opportunity for this business and I’m thrilled to be coming on board at this point in the company’s history.”
“Our product has proven it is the best for small business owners around the globe who want a time-saving, uncomplicated invoicing solution,” said Chris Strode, founder of Invoice2go. “With significant investment on board, we are perfectly placed to make what is already a fantastic product even better.”
“Small businesses globally are increasingly on the go and looking for mobile productivity apps to improve their operations and make their lives easier,” said Ryan Sweeney, a partner at Accel who will join Invoice2Go’s board of directors. “We see a similar opportunity for Invoice2Go to make mobile invoicing as easy as Dropbox has done for file sharing.”
Micky Malka, founder of Ribbit Capital, said “We have been tracking the success of Invoice2go for several years now. They have built unique trust with business owners around the globe by understanding their challenges and developing a mobile-first product to make their work more productive. We look forward to partnering with Chris and Greg on the next stage of growth.”
The $35 million in funding will be used to build on the company’s global growth, hiring additional talent internationally, as well as for product development and marketing.
Invoice2go is a mobile app that helps small businesses manage cash flow through easy-to-use invoicing, expense tracking and simple reporting tools. It was founded in 2002 by an Australian small business owner who was frustrated by the lack of simple invoicing solutions. Today, Invoice2go is the App Store’s #1 mobile invoicing app and is trusted by 100,000+ customers worldwide to send over $50 million in invoicing every day. It is currently available in eleven languages, including English, French, Spanish, Portuguese, German, Dutch, Danish, Finnish, Swedish, Italian and Thai. Invoice2go is backed by VCs Accel Partners and Ribbit Capital. For more information, visit http://www.invoice2go.com.
About Accel Partners
Founded in 1983 and based in Palo Alto, CA, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel has helped entrepreneurs build more than 300 successful technology companies, many of which have defined their categories, including AdMob, AirWatch, Atlassian, Braintree, Campaign Monitor, Cloudera, Couchbase, Dropbox, Etsy, Facebook, Fusion-IO, Groupon, Hootsuite, Kayak, Lookout, MoPub, Nimble Storage, Opower, OzForex, QlikTech, Qualtrics, Real Networks, Riverbed, Rovio, SeatGeek, Spotify, Squarespace, SuperCell, Trulia and VSCO.
About Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique teams and brands who are on a mission to transform financial services. Headquartered in Palo Alto, Ribbit believes the category is profoundly under-innovated and looks to support entrepreneurs building the financial businesses of the future. For more information, please visit http://ribbitcap.com/.