FreshBooks has raised US $30 million round 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."
"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.”
According to today's press release, FreshBooks raised this round in order to accelerate traction - in the last two years they’ve more than doubled their user base to over 10 million - 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.
Mark MacLeod, the Startup CFO, joined FreshBooks in early 2013 and wrote today on his blog about FreshBooks' first venture round. MacLeod called it "the single largest transaction" he's been part of and called Georgian Partners "one of the best-kept secrets in Canadian VC".
MacLeod continued, "The founding partners have deep entrepreneurial backgrounds and the firm as a whole is building a brand and focus around applied analytics. Something that is increasingly relevant to scaling technology companies like ours".