Wave Accounting, Inc., a Toronto, Canada-based SaaS accounting startup, raised US$11.3m in funding.
The round was led by BDC’s IT Venture Fund with participation from HarbourVest and existing investors CRV and Social Capital.
The company, which has raised US$53.8m, intends to use the funds to accelerate R&D efforts and expand operations.
Led by Kirk Simpson, CEO, Wave provides cloud-based, integrated Invoicing, Accounting, Payroll, Payments software for freelancers, contractors, entrepreneurs, and owners of companies with 9 employees or less.
The company, which has over 2.2 million customers in 200+ countries, expects to add 50% to its staff over the next 6 months, bringing the team to approximately 150 people. It is on track for annualized revenues of over C$20 million by end of 2016.