FreshBooks, which provides cloud-based accounting software for self-employed professionals and their teams, has raised $43 million in a Series B investment round led by existing investor Georgian Partners. The funding saw participation from previous investors Accomplice and Oak Investment Partners. Additionally, 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. We are thrilled to continue our partnership with this experienced leadership team right at the growth stage of their market,” said Chong.
Catering to service-based small business owners and independent professionals, the company provides easy-to-use invoicing, time tracking, expense management features, among others. It claims to have over 10 million people across 160 countries.
FreshBooks had raised $30 million in an institutional funding round in July 2014 and following the launch of its new FreshBooks platform in September 2016, the company is planning to invest in growth and expansion in North America, as well as platform innovation for billing, reporting, accounting, and partner integrations.
Last year september, the company had launched an all new FreshBooks with a completely new user interface. According to media report this upgrade was worth $7 million, and was built ground-up according to its CEO for managing invoices, clients and expenses faster and easier.
“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.”