Cloud accounting services firm Freshbooks just claimed $30 million in its first round of funding — not too shabby.

The invoicing service lets small businesses manage their network of contractors via web and mobile and rate them. Cloud accounting is a vibrant field with lots of competitors, the most notable of which is the well funded Xero, which at last check had $150 million in funding and was aiming to rival Intuit’s Quickbooks.

So Freshbooks has its work cut out for it.

This new funding is supposed to help the company claim a larger share of the market. “Well, suffice it to say, we’re going after a massive market. There are over 60 million small business owners in North America alone, and the vast majority of them are poorly served by the cloud accounting solutions available to them today,” CFO Mark MacLeod said in a press release.

Oak Investment Partners led this first round; Atlas Ventures and Georgian Partners also participated. Previously the company was bootstrapped.

Get more stories like this on TwitterFacebook

FreshBooks is the #1 cloud accounting specialist for small business owners. Since 2004, over 5 million people have used FreshBooks to track time, organize expenses and invoice clients online... All FreshBooks news »

Track FreshBooks's Landscape to stay on top of the industry. Access the entire ecosystem, track innovation & deals. Learn more.

Oak Investment Partners is a multi-stage venture capital firm. The primary investment focus is on high growth opportunities in Clean Energy, Financial Services Technology, Healthcare, Inform... All Oak Investment Partners news »

Track Oak Investment Partners's Landscape to stay on top of the industry. Access the entire ecosystem, track innovation & deals. Learn more.