Wave has raised $14.6 million in funding. The round was led by BDC’s IT Venture Fund with participation from HarbourVest, CRV and Social Capital.
“We have tremendous momentum, and a solid, broad base of products and services that’s nearly unrivalled in the small business space,” says Kirk Simpson, CEO of Wave. “While we’re committed to ambitious improvements to the invoicing and accounting software that makes up Wave’s core, we also have an opportunity now to make a real difference to the cash flow of small business owners, with our payments and lending products, as well as other innovations on our horizon.”
Launched in 2010, the Toronto-based financial technology startup says it is approaching $20 million in annualized revenue with more than two million businesses signed up around the world. Wave says the investment will accelerate research and development and held bring its headcount from 100 to 150.
“We are thrilled to be a part of the Wave story,” says Peter Misek, partner at BDC’s IT Venture Fund. “The Company is really a holistic platform for small businesses to run their operations in a proactive fashion, and have financial solutions delivered intuitively and preemptively when and how the small business needs them.”
Wave has raised more than $60 million to date.
“We’re excited to partner with Wave and help fuel its growth in providing cloud-based financial software and services to small business owners,” said David Zug, vice president at HarbourVest. “Wave has grown significantly over the past three years and we see a large, underserved market to support further growth, especially as the company expands its payments and lending capabilities to meet the capital needs of small business.”
Wave looks after the money side of small businesses, with free software and tailored, pay-as-you-go services.