FreshBooks Raises $30m Investment from Oak, Atlas and Georgian

FreshBooks Profile

  • 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

Oak Investment Partners Profile

  • 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 

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
  • “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) 
has received an investment from
Shea & Company served as the exclusive placement agent for the private placement of these securities