FreshBooks is a cloud-based invoicing and accounting software provider designed for small and medium-sized businesses, freelancers, and growing teams. The platform helps users manage invoicing, expenses, time tracking, payments, financial reporting, and project management from a single interface.
FreshBooks is used across multiple industries and geographies, offering mobile applications on Android and iOS. The company focuses on simplifying financial workflows so business owners can spend less time on accounting and more time growing their businesses.
What Is FreshBooks and What Does It Do?
FreshBooks, founded in 2003, is a Toronto-based finance and accounting technology company that builds cloud software for invoicing, accounting, and financial management. The platform enables businesses to create invoices, track expenses, manage projects, accept online payments, and generate financial reports.
FreshBooks serves small businesses, freelancers, and professional service firms across more than 160 countries. The company employs 613 employees as of December 2024 and operates offices across North America and Europe.
How Much Funding Has FreshBooks Raised?
1. Series A
- Amount Raised: $30M
- Lead Investors: Oak Investment Partners, Atlas Venture, Georgian
- Motivation: To scale product development and expand customer acquisition.
2. Series B
- Amount Raised: $43M
- Lead Investors: Georgian, Accomplice, Oak Investment Partners
- Motivation: To grow the SMB customer base and enhance core accounting features.
3. Series E
- Amount Raised: $80.7M
- Lead Investors: Accomplice, Barclays, JPMorgan, BMO
- Motivation: To accelerate growth and strengthen FreshBooks’ position in the global SMB market.
4. Conventional Debt
- Amount Raised: $50M
- Lead Investors: BMO
- Motivation: To enhance liquidity and support continued expansion.
5. Conventional Debt
- Amount Raised: $100M
- Lead Investors: BMO, JPMorgan
- Motivation: To fund strategic initiatives and maintain balance sheet strength.
6. Conventional Debt
- Amount Raised: $125M
- Lead Investors: Morgan Stanley
- Motivation: To support long-term growth and operational resilience.
Total Funding Raised: $154 Million
Current Valuation: $1 Billion (as of August 2021)
Latest Funding Date: March, 2025
Key Investors
1. Oak Investment Partners
- Details: A multi-stage venture capital firm with decades of experience backing growth-stage companies.
- Investment Focus Areas: Information technology, healthcare, financial services.
- Notable Investments: FreshBooks, DigitalOcean, Bleacher Report.
2. Georgian
- Details: A growth equity firm focused on scaling technology companies using applied AI and data science.
- Investment Focus Areas: Growth-stage software and technology companies.
- Notable Investments: FreshBooks, Shopify, Top Hat.
3. Accomplice
- Details: A venture capital firm investing in early and growth-stage technology startups.
- Investment Focus Areas: Early-stage and growth-stage technology.
- Notable Investments: FreshBooks, AngelList, DraftKings.
4. Bank of Montreal (BMO)
- Details: One of North America’s largest financial institutions offering diversified banking services.
- Investment Focus Areas: Banking, finance, corporate lending.
- Notable Investments: FreshBooks.
5. J.P. Morgan
- Details: A global financial services leader providing investment banking and corporate finance solutions.
- Investment Focus Areas: Investment banking, financial services, asset management.
- Notable Investments: FreshBooks.
Where Is FreshBooks’ Headquarters?
FreshBooks is headquartered in Toronto, Ontario, Canada, serving customers globally with offices across multiple international locations.
What’s Next for FreshBooks?
FreshBooks is focused on accelerating global expansion, deepening its AI-driven accounting capabilities, and pursuing strategic acquisitions. The company’s recent debt financing strengthens its balance sheet and positions it to enter more regulated markets while continuing to enhance automation, reporting, and financial intelligence features for SMBs worldwide.
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