FreshBooks, a Toronto, CA-based cloud accounting software for self-employed professionals and their teams, raised USD$43m (CDN$57M) in Series B funding.
The round was led by existing investor Georgian Partners with participation from previous investors Accomplice and Oak Investment Partners. In conjunction with the funding, Simon Chong, managing partner and co-founder at Georgian Partners, joined FreshBook’s board of directors.
The company plans to use the funds to invest in accelerating its growth in North America, and continuing platform innovation for billing, reporting, accounting, and partner integrations.
Led by Mike McDerment, co-founder and CEO, FreshBooks provides service-based small business owners and independent professionals with a cloud based accounting software platform with invoicing, time tracking, and expense management features and used by more than 10 million people across 160 countries to date. The company had previously raised USD$30M (CDN$40M) in institutional funding (in July 2014).