FreshBooks, a Canada-based cloud accounting solutions provider, has closed a new $43 million funding round in efforts to re-launch after nearly fifteen years of establishing itself at the head of the accounting software space for small business and self-employed. The Series B round, led by existing investor Georgian Partners, also included investment from previous backers Accomplice and Oak Investment Partners.
From the get-go, FreshBooks went about its business the non-convention route. After launching in 2003, the startup stayed away from venture capital for an entire decade until Chief Executive Officer Mike McDerment decided to bring on outside capital in a $30 million round from Oak Investment Partners, Accomplice and Georgian Partners in July of 2014. McDerment, fearful of losing control of the company and disappointing customers with outside influence, finally decided to use the additional cash to bring on senior management and build out FreshBook’s product.
After the launch of its new FreshBooks platform in September of 2016, with an entirely new user interface and build ground-up, the Toronto-based company plans to invest in growth and expansion in North America, as well as 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 McDerment. “The new FreshBooks was designed to be easier, simpler and modern, with the benefits of natural collaboration and faster product improvements.”
The company which caters to service-based small business owners and independent professionals provides solutions such as easy-to-use invoicing, time tracking and expense management features. FreshBooks reports to have over 100 million individuals using its products across 160 countries.
Simon Chong, Managing Partner and Co-Founder at Georgian Partners, will join FreshBook’s board of directors.