freee, a Tokyo, Japan-based provider of an automated online accounting software for SMBs, raised $2.7m in Series A funding.
Backers included DCM and Infinity Capital Partners.
The company intends to use the funds to accelerate its product development by automating and integrating with various tools used by SMBs including POS, e-commerce platforms and CRMs, making collaboration easier by adding access control features, communication features and workflow features, and enhancing user experience on all devices.
Led by Daisuke Sasaki, CEO and co-founder, freee provides Small and Medium sized businesses with an online accounting software
that syncs with bank accounts and credit card accounts and automatically categorizes income and spending through text analysis.
Launched on Mar 19, 2013, the product is offered to SMBs operating under the Japanese taxation system. It takes freemium model and its paid plan begins at 980 JPY (~10 USD) per month per business.