Canada-based accounting software provider FreshBooks received approximately $131m in debt and equity financing today from investors including insurance provider Manulife and financial services firms JPMorgan Chase, BMO and Barclays.
The round is comprised of $80.8m in series E equity funding and $50m in debt financing, and was led by venture capital firm Accomplice and also backed by VC fund Gaingels. The company has now surpassed a $1bn valuation.
Founded in 2003, FreshBooks provides cloud accounting software for small businesses and self-employed professionals across 160 countries. Its platform offers invoicing, expense and time tracking features and is used to manage finances, billing, payments and client engagement.
The company intends to use the capital to further expand its sales and marketing capabilities, boost research and development and make strategic acquisitions. It also expects to further develop its platform and reach more countries worldwide through its features and local integrations.
FreshBooks raised $30m in a 2014 series A round led by Oak Investment Partners with contributions from Atlas Venture and Georgian.
The company subsequently collected $43m in a 2017 series B round led by Georgian and backed by Atlas Venture offshoot Accomplice and Oak Investment Partners. More recently, it received a strategic investment of undisclosed size from JPMorgan Chase in August 2019.