Accounting platform FreshBooks raises $43m Series B

Accounting software provider FreshBooks has raised $43m for its Series B funding round led by Georgian Partners.

Backers also taking part in the round included return investors Accomplice and Oak Investment Partners.

FreshBooks’ accounting software helps simplify accounting for service-based small business owners and independent professionals. The platform has allowed 10 million people manage accounts through its invoicing, time tracking and expense management, payments, reporting, estimates and project management tools.

The capital will be used to support the launch of its new platform in North America. Canada-based FreshBooks will also use the funding to continue product development for billing, reporting, accounting, and partner integrations.

FreshBooks co-founder and CEO Mike McDerment said, “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. The new FreshBooks was designed to be easier, simpler and modern, with the benefits of natural collaboration and faster product improvements.”

As part of the transaction, Georgian Partners managing director Simon Chong has joined FreshBooks board of directors.

The company’s Series A picked up $30m in 2014 and was led by Oak Investment Partners with commitments coming from Atlas Venture and Georgian Partners. Total investments in to the company has reached around $73m.

Copyright © 2017 FinTech Global

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