Barclays, Bank of Montreal and JPMorgan have joined an US$80.75 million Series E funding round for Toronto-based cloud accounting software firm Freshbooks.
The funding brings FreshBooks’ total valuation to over US$1 billion and was topped up with another US$50 million in debt financing.
Founded in 2003, Freshbooks has developed into a global accounting software platforms for small businesses and self-employed professionals, used by more than 30 million people in over 160 countries.
Last year, the firm acquired Mexican e-invoicing company Facturama to expand the company’s audience in Spanish-speaking markets.
The funding will be used for investments in sales and marketing, research and development, and strategic acquisitions.
Don Epperson, CEO, FreshBooks, says: "The funding comes as an injection of confidence in our mission to digitally enable small businesses. We’re going to use this capital to reinforce our competitive differentiators.
"This includes investing in markets that are becoming more regulated, helping Owners manage their finances through simplistic workflows, and prevailing as leaders in best-in-class support."
Kester Keating, head of US principal investments at Barclays, comments: “Through this investment and Barclaycard Payments’ ongoing commercial partnership with FreshBooks, we are supporting our clients to embrace this change, as software continues to have a profound impact on businesses of every size.”