FreeAgent, an Edinburgh, UK-based small business and freelancer online accounting software provider, has received a new investment of undisclosed amount from venture capital fund Lightbank.
The company intends to use the new capital to focus on establishing and growing its US division in the coming months. It started this global expansion strategy by completing the acquisition of Lightbank-backed financial forecasting software firm 60mo (read here), whose team will be incorporated into FreeAgent’s new American division, FreeAgent Inc., which will be based in Chicago.
The company plans to leverage 60mo’s expertise in the US accounting software market to adapt its online accounting system specifically for American users.
Led by CEO and co-founder Ed Molyneux, FreeAgent is designed specifically for freelancers and independent workers. American customers currently uses a universal version of the product, along with users from over 80 other countries. However, the company’s goal is to deliver the automated accounting, tax-forecasting and filing capabilities its UK product offers through new, US-specific features.