Citi Ventures leads $28m round for small business invoicing, finance software startup HoneyBook

Small business financial management software business HoneyBook has raised a $28m financing round led by Citi Ventures.

The company’s software offers users the opportunity to manage projects, book clients and send invoices, keeping track of the day-to-day financial needs of freelancers and small businesses.

HoneyBook members have booked more than $1bn in business through its platform, the company says, and new member numbers grew 150 per cent last year compared to 2017.

Company co-founder and CEO Oz Alon said in a Medium post, “Small businesses still face many disadvantages.

“One major example is the ability to maintain a steady cash flow. It’s hard to plan and grow your business without it.

“And without regular semi-monthly pay stubs, it’s hard to get a loan from a bank.

I saw it when my dad owned his business. I saw it when [co-founder and wife Naama Alon] and I ran our businesses (back when she did freelance web design and I owned a bar). And I see it when talking to you and other creative businesses.

“This is where HoneyBook comes in. We’re in a position to disrupt that narrative because we have a unique advantage – we’ve worked with thousands of small businesses over the years to understand your pain points and build solutions with your input to address each one.”

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