Toronto's Wave Accounting announced today that it has closed a $1.5 Million seed round led by OMERS through INKEF Capital. INKEF Capital is a venture capital investment alliance of pension funds OMERS and ABP in the Netherlands.
"We're taking a long-term investment approach. We plan to work closely with great startups like Wave, and ensure that they have the mentoring and the investment resources to reach their maximum potential. Wave has already shown the kind of innovation and growth we're looking for, and we're excited to have Wave among our first investments," says Peter Carrescia, Managing Director at INKEF Capital.
Launched in November 2010, Wave Accounting is a free, online accounting application designed specially for small businesses with 9 employees or less. According to their press release today, Wave has signed up 20,000 small businesses in 162 countries in under seven months.