Canada-based cloud accounting company FreshBooks closed a $30m series A round yesterday led by Oak Investment Partners.
The round also included Atlas Venture and Georgian Partners, the venture capital fund that received an investment from networking technology company Cisco two weeks ago.
Founded in 2003, FreshBooks produces software equipped with invoicing, expense management and time tracking features, which the company claims can cut the time spent invoicing by up to 60%.
Mike McDerment, chief executive of, FreshBooks, said: “We are the only company exclusively focused on the needs of service-based businesses, ironically, the largest segment of the small business market.”
FreshBooks plans to use the funding to scale its growth as it moves from 150 employees today to 400 by 2016, and it is seeking developers, product managers and marketing experts.