FreshBooks reaches $1B+ valuation with Series E round

FreshBooks, an SMB-focused cloud accounting software firm headquartered in Toronto, announced on Tuesday that it has completed a Series E funding round, raising US$80.75 million. The firm also secured an additional US$50 million in debt financing.

Accomplice, an existing FreshBooks investor led the equity financing effort. The round, which FreshBooks referred to as “an inside round” has pushed the firm across the $1 billion valuation mark, making it Canada’s latest unicorn. 

Some of the other institutional investors who participated in the deal include BMO Technology & Innovation Banking Group, Gaingels, J.P. Morgan, and Manulife. The firm also added Barclays as a new investor during this round. 

Following this most recent round, FreshBooks’ total financing so far has now reached US$200 million.

FreshBooks runs a cloud-based accounting software platform that brings a lot more ease to activities such as invoicing, expenses, payments, payroll, and financial reporting, especially for small business owners and self-employed people (and their clients).