Wave, a Canada-based financial management software developer, raised $24m in capital yesterday from investors including financial services firms National Australia Bank and Royal Bank of Canada (RBC).
Portag3, the financial services-focused investment arm of financial conglomerate Power Corporation, also participated, as did crowdfunding platform OurCrowd, CRV, Social Capital and Harbourvest.
BDC IT Venture Fund and BDC Capital, investment vehicles of state-owned Business Development Bank of Canada, and Omers Ventures, the investment unit of Canada province-owned pension fund Ontario Municipal Employees Retirement System, also took part.
Incorporated in 2009, Wave operates a cloud-based accounting platform aimed at entrepreneurs and small businesses that may not have the resources for a full accounting team and instead resort to relying on spreadsheets.
The platform includes features such as processing invoices and payments as well as managing loans, payroll and receipt.
The money will accelerate the development of Wave’s platform. The company will also further develop its artificial intelligence and machine learning algorithms to create automated, basic accounting functions and to offer actionable insights into a business’ finances.
Wave previously secured $11.3m in funding led by BDC IT Venture Fund, with participation from Harbourvest, CRV and Social Capital in October 2016, though it is not clear if that constituted a separate round or was a first tranche for the round closed yesterday.
Wave closed a $10m series C round in 2015 that featured an undisclosed strategic investor in the fintech software space, Omers Ventures, CRV and Social Capital.
The company obtained $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.