Total amount raised
$79.8 Millions
Latest funding date
Location
Wave has successfully raised funding from 17 investors, including notable names like Social Capital and CRV. The platform offers tailored financial services and award-winning free software for small and micro-businesses globally.
Keep reading to explore the intricacies of Wave's fundraising journey and the investors backing this innovative platform.
What Is Wave?
Wave, founded in July 2009 by James Lochrie and Kirk Simpson, is headquartered in Toronto, Ontario, Canada. The company provides financial software solutions tailored for small businesses and solopreneurs.
Wave offers a suite of financial tools including invoicing, payments, accounting, estimates, banking, receipts, payroll, and advisory services. These tools are designed to help small business owners manage their finances efficiently and effectively.
With a team of 101-250 employees, Wave serves over 3 million small business owners in more than 200 countries, offering award-winning free software and affordable financial services.
How Much Funding Has Wave Raised?
- Seed Round
- Amount Raised: CA$1.5M
- Date: May 2011
- Lead Investors: OMERS Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Wave's financial software solutions.
- Series A
- Amount Raised: $5M
- Date: October 2011
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $12M
- Date: May 2012
- Lead Investors: Social Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Venture Round
- Amount Raised: $6M
- Date: October 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and market expansion.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: August 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue product development and market penetration.
- Series C
- Amount Raised: $10M
- Date: May 2015
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and expand the user base.
- Venture Round
- Amount Raised: $5.2M
- Date: December 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and increase market reach.
- Series C
- Amount Raised: CA$6.7M
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enter the lending space and expand financial services.
- Venture Round
- Amount Raised: CA$14.6M
- Date: October 2016
- Lead Investors: BDC IT Venture Fund, BDC Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Wave's financial services and enhance the platform.
- Series D
- Amount Raised: $24M
- Date: May 2017
- Lead Investors: NAB Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in product development, focusing on AI and machine learning.
Total Amount Raised: $78M USD
Current Valuation: Not publicly disclosed
Key Investors
Here are some of the major investors in Wave:
- Social Capital
- Details: Social Capital is a venture capital firm that partners with entrepreneurs at all stages of growth. They focus on investing in transformative technology companies.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Slack, Box, SurveyMonkey
- CRV
- Details: CRV is a venture capital firm that invests in early-stage companies. They have a long history of supporting innovative startups.
- Investment Focus Areas: Technology, consumer services, enterprise software
- Notable Investments: Twitter, DoorDash, Zendesk
- Royal Bank of Canada (RBC)
- Details: RBC is one of the largest banks in Canada, providing a wide range of financial services. They are committed to supporting the scale-up of emerging fintech companies.
- Investment Focus Areas: Financial services, fintech
- Notable Investments: Not publicly disclosed
- National Australia Bank (NAB)
- Details: NAB is a major financial institution based in Australia. They have a significant presence in the financial services sector.
- Investment Focus Areas: Financial services, fintech
- Notable Investments: Not publicly disclosed
- Portag3 Ventures
- Details: Portag3 Ventures is a venture capital firm focused exclusively on fintech investments. They aim to support innovative financial technology companies.
- Investment Focus Areas: Fintech
- Notable Investments: Wealthsimple, Borrowell, Clearbanc
What's Next for Wave?
Wave is poised to capitalize on the growing demand for cloud-based financial management solutions, particularly for small businesses. With the recent $24 million Series D funding, the company plans to enhance its platform with advanced AI and machine learning capabilities, offering more automated and streamlined services. This expansion presents a significant opportunity to attract a larger customer base and solidify its position in the fintech industry.
Future fundraising efforts are likely, given the strategic support from major financial institutions like RBC and NAB. These partnerships could lead to additional investment rounds, further fueling Wave's growth and innovation. However, the company will need to navigate challenges such as intense competition and the need for continuous technological advancements to stay ahead in the market.
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