Freee, the Japan-based creator of a cloud-based accounting platform, closed a $30m series C round today featuring human resources firm Recruit Holdings.
The round, which also featured venture capital firm DCM and Japan Co-Invest Limited Partnership, valued Freee at $250m, CEO and co-founder Daisuke Sasaki told VentureBeat.
Founded in 2012, Freee’s automated accounting software synchronises with a user’s bank account and automatically uses the data to create financial reports and documents for tax filing. It launched the service in early 2013 and added a payroll service in October 2014.
Freee plans to introduce new features over the next six months to make it compatible with the national number-based identification system the Japanese government plans to roll out in October 2015.
The series C round increased the company’s overall funding to $45m. Sasaki told VentureBeat Freee is unlikely to raise additional funding over the next year but is planning a $1bn initial public offering on the Tokyo Stock Exchange in two to three years time.
DCM supplied $500,000 in seed capital for DCM in 2012 before joining Infinity Ventures for a $2.5m series A round the following year.
Freee raised a further $12m over two tranches in 2014 featuring Recruit Strategic Partners, Recruit’s corporate venturing subsidiary, as well as DCM, Infinity and Pavilion Capital, which is owned by Singaporean state-backed fund Temasek.