Wave Accounting, the developer of a Canada-based accounting, invoicing and payroll platform, raised $10m yesterday in a series C round that included funding from an undisclosed strategic investor in the fintech software space.
The rest of the investors in the round were Omers Ventures, the investment arm of pension fund Omers, as well as Charles River Ventures (CRV) and Social+Capital Partnership.
Founded in 2009, Wave provides a cloud-based accounting platform for small businesses that may not have the resources for a full accounting team and instead resort to relying on spreadsheets.
Wave has signed up more than a million small businesses, and claims it is currently signing up new clients at a rate of more than 10,000 per week. It will spend the series C cash on the continual development of tools for small businesses.
The company raised $6m in 2013, according to a regulatory filing, after closing a $12m series B round in 2012 featuring Omers Ventures, Social+Capital and CRV. CRV and Omers Ventures also backed a $5m series A round in 2011.
Inkef Capital, a joint venture between Omers and fellow pension fund ABP, had already provided $1.5m in seed funding for Wave earlier in 2011.