Toronto-based accounting software company FreshBooks has raised $57 million (US$43 million) in a Series B financing, bringing total funding to almost $100 million. Canadian growth equity firm Georgian Partners led the round and was joined by Accomplice and Oak Investment Partners. All three firms are repeat investors. With the financing, Georgian Managing Partner Simon Chong has joined the board. Launched in 2003, Freshbooks provides online billing and accounting tools to service-based small business owners and independent professionals. Led by CEO Mike McDerment, it will use the funds raised to fuel North American growth of its new platform and enhance its offering.
FreshBooks Raises $43 million USD to Fuel Growth of Its New Platform in North America
Toronto, CANADA — July 18th, 2017 — FreshBooks, the #1 accounting software in the cloud for self-employed professionals and their teams, announced today that the company has raised $43 million USD ($57M CDN) in Series B funding led by existing investor Georgian Partners. Previous investors Accomplice and Oak Investment Partners also participated in the funding round. In conjunction with the funding, Simon Chong, managing partner and co-founder at Georgian Partners, has joined FreshBook’s board of directors.
“FreshBooks is a market leader in online billing and accounting for small businesses and is uniquely positioned to benefit from continued adoption of cloud software,” said Simon Chong, managing partner and co-founder at Georgian Partners. “We are thrilled to continue our partnership with this experienced leadership team right at the growth stage of their market.”
FreshBooks makes accounting easy for service-based small business owners and independent professionals. More than 10 million people across 160 countries have used FreshBooks. The company previously raised $30M USD ($40M CDN) in institutional funding in July 2014. Following the launch of its new FreshBooks platform in September 2016, the company plans to invest in fueling its growth in North America, and continuing platform innovation for billing, reporting, accounting, and partner integrations.
“Our mission is to reshape the world to suit the needs of self-employed professionals and their teams. Building a global technology company in Toronto and launching the new FreshBooks platform helps us live the mission,” said Mike McDerment, co-founder and CEO at FreshBooks. “The new FreshBooks was designed to be easier, simpler and modern, with the benefits of natural collaboration and faster product improvements.”
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies exploiting applied artificial intelligence, security first and conversational business. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.
FreshBooks is the #1 accounting software in the cloud designed exclusively for service-based small business owners and independent professionals. The company has helped more than 10 million people worldwide process billions of dollars with its ridiculously easy-to-use invoicing, time tracking, expense management features. Recognized with eight Stevie awards for best customer service in the world, the company’s mantra is to “execute extraordinary experiences everyday.” Based in Toronto, Canada, FreshBooks serves paying customers in 160 countries. www.FreshBooks.com
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