FreeAgent, an Edinburgh, Scotland, UK-based provider of SaaS accounting software for microbusinesses, floated on the AIM market of the London Stock Exchange under the stock symbol FREE.
The company raised £10.7m in the floating process which will be used to accelerate their growth in the UK.
Co-founded nine years ago by Ed Molyneux, CEO, Olly Headey, and Roan Lavery, FreeAgent had raised £1m through Seedrs from 695 investors in 2015. These crowdinvestors now have the choice of continuing to hold their shares or seeking to sell them on AIM at any time.
The company, which today has over 100 full-time employees, provides thousands of UK micro-businesses (defined as sole traders and companies with fewer than 10 employees) and their accountants with cloud-based Software-as-a-Service accounting software solutions and mobile applications to streamline financial management, invoice and expense management, VAT, and payroll.
Significant shareholders include Lavery, Molyneux, Headey, as well as Opus Incertum, IRIS Group, Local Globe, Livingbridge, Alto Invest, Octopus and RJ Beteiligungsgesellschaft.