Canadian fintech FreshBooks reaches $1bn valuation with latest funding
Cloud accounting software provider FreshBooks has raised $80.75 million in Series E funding and an additional $50 million in debt financing, bringing its total valuation to over $1 billion.
The latest round was led by FreshBooks’ long-time investor Accomplice with participation from JP Morgan, Gaingels, BMO, and Manulife.
In addition, Barclays, an established FreshBooks platform partner in the UK, was added as a new investor.
The capital will be used in part to invest in markets that are becoming more regulated, says FreshBooks CEO Don Epperson. It will also fund additional sales and marketing, research and development, and strategic acquisitions.
In September 2020, FreshBooks acquired Mexican e-invoicing company Facturama to expand the company’s audience in Spanish-speaking markets.
The investment arrives as more and more business owners aim to become digitally enabled to meet local tax and invoice compliance requirements.
Kester Keating, head of US principal investments at Barclays, says: “Through this investment and Barclaycard Payments’ ongoing commercial partnership with FreshBooks, we are supporting our clients to embrace this change, as software continues to have a profound impact on businesses of every size.”
Set up in 2003 in Toronto, FreshBooks has now reached more than 30 million people in over 160 countries with its accounting software platforms for small businesses and self-employed professionals. It has offices in Canada, Croatia, Mexico, the Netherlands, and the US.