Toronto-based cloud accounting software startup FreshBooks recently scored $130 million in a fresh funding round at a valuation of over $1 billion.
The funding consisted of just above $80 million in Series E equity investment and $50 million in debt grant, with longtime backer Accomplice as the lead VC. Earlier, FreshBooks had raised about $75 million.
Further, J.P. Morgan, Gaingels, BMO, and Manulife also participated in the round. Also, Barclays, an established FreshBooks platform partner in the UK, also joined as a new investor.
Meanwhile, the investment arrives as more business owners become digitally enabled to fit local tax and invoice compliance policies. The Canadian firm also plans to use the funding towards sales and marketing, research and growth, and strategic procurements to reach worldwide.
Founded in 2004, FreshBooks has served more than 30 million people in over 160 countries and has verified itself as one of the principal accounting software platforms for SMEs and self-employed.
Further, in September 2020, the unicorn company acquired Mexican e-invoicing company Facturama to its user base among Spanish-speaking markets.