Total amount raised
$187 Millions
Latest funding date
8/1/2022
Location
FreshBooks has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform offers cloud-based accounting software tailored for small and medium-sized businesses.
Keep reading to explore the intricacies of FreshBooks' fundraising journey and the investors backing this innovative platform.
What Is FreshBooks?
FreshBooks, founded in 2003 by Levi Cooperman and Michael McDerment, is headquartered in Toronto, Ontario, Canada. The company specializes in providing cloud-based accounting software tailored for small and medium-sized businesses.
With a workforce of 251-500 employees, FreshBooks offers a comprehensive suite of features including invoicing, expense tracking, time tracking, project management, and payments. The platform is designed to simplify financial management for business owners.
FreshBooks serves customers in over 160 countries and has expanded its presence with offices in Canada, Croatia, Mexico, Netherlands, and the US.
How Much Funding Has FreshBooks Raised?
- Series A
- Amount Raised: $30M
- Date: July 2014
- Lead Investors: Oak Investment Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel initial growth and expand market presence.
- Series B
- Amount Raised: CA$57M
- Date: July 2017
- Lead Investors: Georgian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in North American expansion.
- Series D
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support continued growth and development.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: August 2019
- Lead Investors: JP Morgan Chase
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen strategic partnerships and expand services.
- Private Equity Round
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support long-term growth.
- Series E
- Amount Raised: $80.8M
- Date: August 2021
- Lead Investors: Accomplice
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase global reach and scale operations.
- Debt Financing
- Amount Raised: $50M
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support acquisitions and operational scaling.
- Debt Financing
- Amount Raised: $125M
- Date: August 2022
- Lead Investors: Bank of Montreal, JP Morgan
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support global expansion and strategic acquisitions.
- Grant
- Amount Raised: $1M
- Date: November 2022
- Lead Investors: SCALE AI
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in AI-driven innovations and technology enhancements.
Total Amount Raised: $286.8M
Current Valuation: Not publicly disclosed
Key Investors
- Oak Investment Partners
- Details: Oak Investment Partners is a multi-stage venture capital firm that has been investing in growth companies for over 40 years. They focus on high-growth opportunities in the information technology, healthcare, and financial services sectors.
- Investment Focus Areas: Information technology, healthcare, financial services, clean energy.
- Notable Investments: DigitalOcean, FreshDirect, Bleacher Report.
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth technology companies. They leverage their expertise in applied artificial intelligence, trust, and conversational AI to help companies scale.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: Shopify, Clearbanc, Top Hat.
- Accomplice
- Details: Accomplice is a venture capital firm that focuses on early-stage technology companies. They have a strong track record of backing successful startups and helping them grow.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: AngelList, Carbon Black, DraftKings.
- Bank of Montreal (BMO)
- Details: BMO Financial Group is a highly diversified financial services provider and the 8th largest bank by assets in North America. They offer a wide range of personal and commercial banking, wealth management, and investment banking services.
- Investment Focus Areas: Personal and commercial banking, wealth management, investment banking.
- Notable Investments: Diverse investments across multiple sectors including technology, healthcare, real estate.
- J.P. Morgan
- Details: J.P. Morgan is a global leader in financial services, providing solutions in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity.
- Investment Focus Areas: Investment banking, financial services, asset management, private banking.
- Notable Investments: Various sectors including technology, healthcare, financial services.
What's Next for FreshBooks?
FreshBooks is poised for significant growth, leveraging a $125 million debt facility to fuel global expansion and strategic acquisitions. This funding will enable the company to invest in more regulated markets, enhancing its product offerings and capturing a larger market share.
Future fundraising opportunities seem promising, with continued support from financial partners like BMO and J.P. Morgan. However, FreshBooks will need to navigate regulatory challenges in new markets and integrate acquired companies effectively to maintain its growth trajectory.
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