Welcome!

News Feed Item

FreshBooks Raises $30-Million: Fuels Mission to Redefine Accounting for Small Business

Freelancers and Small, Service-Based Business Owners Streamline Accounting, Get Paid Faster, and Make More Money With FreshBooks

TORONTO, ON--(Marketwired - July 23, 2014) - FreshBooks, the #1 cloud accounting solution designed exclusively for small service-based business owners, today announced that it has raised $30-million USD in its first institutional investment round. The round, led by Oak Investment Partners with participation from Atlas Venture and Georgian Partners, will position the company for increased growth as it helps freelancers and service-based businesses successfully build their businesses without having to learn accounting.

"Small business owners are grossly under-served when it comes to accounting software. They don't have enough choice, and vendors treat them as if one size fits all," said Mike McDerment, CEO and co-founder, FreshBooks. "The result is they are forced to use tools that are complex -- or worse, use Word and Excel to run their businesses. Neither of these options helps make running a business easy and efficient. That's where FreshBooks comes in. We're the only company exclusively focused on the needs of service-based businesses, ironically, the largest segment of the small business market."

Using FreshBooks reduces the amount of time spent invoicing by 60 percent and helps users get paid five days faster by making it easy to create and track invoices, capture expenses, track time for staff and contractors, and generate reports. With Web and mobile apps to help business owners run their business, FreshBooks is experiencing significant growth and has doubled its user base to more than 10-million in the last two years.

"FreshBooks is growing the cloud accounting software market by delivering a solution that is designed for the millions of small business owners that want to run their businesses without having to learn accounting," said Ann Lamont, Managing Partner, Oak Investment Partners. "Given our focus on high-growth financial services technology, partnering with FreshBooks is a natural fit. We look forward to helping FreshBooks realize their vision of building the market-leading accounting solution built exclusively for small service-based business owners."

FreshBooks raised this round in order to accelerate its already incredible traction, and build upon its extraordinary customer satisfaction ratings. The company, which will grow from 150 people today to 400 employees by 2016, is currently hiring developers, product managers and marketing experts. More information can be found at www.FreshBooks.com/Jobs

About Atlas Venture
Atlas Venture is an early stage venture capital firm that invests in promising entrepreneurs focusing on life sciences and technology innovation. Since inception in 1980, its partners have helped build over 350 companies. For more information, visit Atlas' website at www.atlasventure.com.

About Georgian Partners
Georgian Partners is a growth equity firm investing in expansion stage Enterprise Software, Internet and Information companies that are exploiting Applied Analytics: the convergence of Cloud-based business solutions, Big Data, and broad Information Rights. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.

About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in over 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm's five major growth sectors of focus are information technology, Internet and consumer, financial services technology, healthcare services and clean energy. For more information, visit www.oakvc.com.

About FreshBooks
FreshBooks is the #1 cloud based accounting solution designed exclusively for small service-based business owners. The company has helped more than 10 million users process billions of dollars through its easy-to-use invoicing, expense management and time tracking features. Recognized in 2014 with six Stevie awards for best customer service in the world, the company's mantra is to "execute extraordinary experiences everyday." Based in Toronto, Canada, FreshBooks serves paying customers in 120 countries. www.FreshBooks.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search and...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
Apache OpenWhisk on IBM Bluemix provides a powerful and flexible environment for deploying cloud-native applications driven by data, message, and API call events. In his session at 20th Cloud Expo, Daniel Krook, Software Architect, IBM Watson and Cloud Platform, and Distinguished IT Specialist, will discuss why serverless architectures are attractive for many emerging cloud workloads and when you should consider OpenWhisk for your next project. Then get started on Bluemix with three sample appl...
While presenting own advanced Robo-Advisory Platform, Michał Różański, Managing Partner at EARP and CEO at Empirica, will illustrate the most important issues of building tailored FinTech software in his session at 20th Cloud Expo. He will share experiences we have gained for over 6 years of developing solutions for financial institutions and FinTech companies, including robo-advisors. We welcome all FinTech innovators interested in how properly implemented technology can move their businesses f...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.