Deals

Freshbooks gets $30M for its cloud accounting services

Files
Want to master the CMO role? Join us for GrowthBeat Summit on June 1-2 in Boston, where we'll discuss how to merge creativity with technology to drive growth. Space is limited and we're limiting attendance to CMOs and top marketing execs. Request your personal invitation here!

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.

More information:

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 and in the cloud. We're a small team working... read more »

Powered by VBProfiles


VentureBeat’s VB Insight team is studying email marketing tools. Chime in here, and we’ll share the results.