Georgian Partners leads FreshBooks’ US $43M Series B

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By Ted Liu

FreshBooks, a Toronto based provider of software in the cloud for service-based small business owners and independent professionals, has raised US $43 million or CDN $57 million in Series B funding led by existing investor Georgian Partners. Existing investors Accomplice and Oak Investment Partners also participated in the funding round.

In conjunction with the funding, Simon Chong, managing partner and co-founder at Georgian Partners, has joined FreshBooks’ board of directors.

FreshBooks previously raised US $30 million or CDN $40 million in July 2014.

FreshBooks plans to invest in fueling its growth in North America, and continuing platform innovation for billing, reporting, accounting, and partner integrations.

“FreshBooks is a market leader in online billing and accounting for small businesses and 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.”

FreshBooks makes accounting easy for service-based small business owners and independent professionals. More than 10 million people across 160 countries have used FreshBooks.

“Our mission is to reshape the world to suit the needs of self-employed professionals and their teams. Building a global technology company in Toronto and launching the new FreshBooks platform helps us live the mission,” said Mike McDerment, co-founder and CEO at FreshBooks. “The new FreshBooks was designed to be easier, simpler and modern, with the benefits of natural collaboration and faster product improvements.”

photo credit: FreshBooks