July 23, 2014
FreshBooks Has Received an Investment from Oak Investment Partners, Atlas, Georgian Partners
About FreshBooks
- FreshBooks is the #1 cloud-based accounting solution designed exclusively for small professional services business owners
- The company’s solutions reduce the amount of time users spend invoicing by 60% and help businesses get paid five days faster by making it easy to create and track invoices, capture expenses, track time for staff and contractors and generate reports
- The company has helped more than 10 million users process billions of dollars of transactions
- Founded in 2003 and headquartered in Toronto, FreshBooks employs over 150 people
About Oak Investment Partners
- Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies
- Since 1978, the firm has invested $9 billion in over 500 companies around the world, with a senior team that delivers guidance, domain expertise and a consistent investment philosophy
- The firm’s five major sectors of focus are information technology, internet and consumer, financial services technology, healthcare services and clean energy
Buy-Side Investors
- Atlas Venture
- Georgian Partners
- Oak Investment Partners
Sector
- Applications
Subsector
- Financial Applications
“FreshBooks is growing the cloud accounting software market by delivering a solution that is designed for the millions of small business owners that want to run their businesses without having to learn accounting. Given our focus on high-growth financial services technology, partnering with FreshBooks is a natural fit. We look forward to helping FreshBooks realize their vision of building the market-leading accounting solution built exclusively for small service-based business owners.”
Ann Lamont Managing Partner at Oak Investment Partners
Transaction Notes
- $30 million investment round led by Oak Investments Partners with participation from Atlas Venture and Georgian Partners
- FreshBooks will use the proceeds to accelerate growth and build upon its extraordinary customer satisfaction ratings
- Shea & Company served as the exclusive placement agent for the transaction
- Investment Rationale
- The funding was the first institutional investment round for FreshBooks
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