Today, FreshBooks announced that it has raised $43 million USD ($57M CDN) as it eyes North American growth. The Toronto-based company’s cloud accounting software is a market leader serving more than 10 million users in 160 countries.
The Series B round was led by Georgian Partners alongside previous investors Accomplice and Oak Investment Partners. Simon Chong, managing partner and co-founder at Georgian Partners, has joined FreshBook’s board of directors in conjunction with the raise.
“FreshBooks is uniquely positioned to benefit from continued adoption of cloud software,” said Chong. “We are thrilled to continue our partnership with this experienced leadership team right at the growth stage of their market.”
The company previously raised $30M USD ($40M CDN) in July 2014, partly funding a major redesign of the entire platform which was announced in September 2016.
“Our mission is to reshape the world to suit the needs of self-employed professionals and their teams,” said Mike McDerment, co-founder and CEO at FreshBooks. “Building a global technology company in Toronto and launching the new FreshBooks platform helps us live the mission,”
The company plans to invest in fueling its growth in North America and continuing platform innovation for billing, reporting, accounting and partner integrations.