FreshBooks Valuation, Funding & Investors

FreshBooks is valued at $1B as of August 2021.

Last FreshBooks valuation

$1B

Series E · Aug 2021

Last FreshBooks funding round

$81M

Series E · Aug 2021

Cumulative funding FreshBooks raised

$156M

across 3 funding rounds

Key investors in FreshBooks

  • Accomplice
  • Georgian
  • Oak Investment Partners
  • Gaingels
  • Sand Hill Angels
  • Atlas Venture

FreshBooks Overview

About FreshBooks

FreshBooks is a cloud-based accounting platform designed for business owners managing invoicing, expenses, payments, and client interactions. The service supports users in over 160 countries from offices in Canada, Croatia, Mexico, the Netherlands, and the United States. FreshBooks delivers award-winning customer support alongside features for time tracking and financial reporting. Its intuitive interface caters to freelancers, agencies, and small enterprises streamlining bookkeeping processes.


Founded

2003

HQ

CanadaToronto

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$1B (Aug 2021)

FreshBooks Valuation

FreshBooks is currently valued at $1B, based on its Series E in August 2021.

The $81M round was led by Accomplice, with participation from Manulife, Sand Hill Angels, JPMorgan Chase, Barclays, Gaingels and 2 other investors.

FreshBooks valuation by funding round

FreshBooks valuation by funding round
DateStageValuation
Aug 2021Series E$1B

FreshBooks Funding History

FreshBooks has raised a total of $156M across 3 funding rounds.

FreshBooks' first fundraising round was a $30M Series A in July 2014. The most recent completed round was a $81M Series E in August 2021.

FreshBooks funding rounds

FreshBooks funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2021Series EAccomplice (lead); Manulife; Sand Hill Angels; JPMorgan Chase; Barclays; Gaingels; Vinyl Capital; BMO Capital Markets$81M$1BFreshBooks, a Toronto-based cloud accounting software company founded in 2003, provides an easy-to-use platform designed for small businesses and self-employed professionals, with paying customers in over 160 countries and a focus on simplistic workflows, customer support, and compliance in regulated markets. The company had been bootstrapped for its first 10 years before raising external capital. On August 10, 2021, FreshBooks announced a Series E inside round of $80.75 million USD in equity funding led by longtime investor Accomplice, with participation from J.P. Morgan, Gaingels, BMO, Manulife, and new investor Barclays, a platform partner in the UK. The round included an additional $50 million USD in debt financing from BMO ($62 million CAD), equivalent to roughly $130-163 million CAD total depending on exchange rates cited, bringing cumulative funding to over $200-250 million CAD. This financing propelled FreshBooks to unicorn status with a post-money valuation over $1 billion USD. Proceeds were earmarked for organic international growth, including localized products, new features, sales teams in the US, Canada, and Amsterdam, reseller partnerships like Barclays, and one to two annual investments for inorganic expansion in underserved regions and products. CEO Don Epperson highlighted investments in regulated markets, financial workflows, and support differentiation amid accelerating digital needs for small businesses post-pandemic. Accomplice's Jeff Fagnan praised FreshBooks' brand strength, global potential, and scaling traction, noting it as their largest investment after multiple prior rounds over a decade. The company reported significant new customer growth but did not disclose specific revenue, ARR, or financial metrics at the time.
Jul 2017Series BGeorgian (lead); Accomplice; Oak Investment Partners$45M-FreshBooks is an accounting software platform designed to simplify accounting for service-based small business owners and self-employed professionals. The platform offers invoicing, time tracking, expense management, payments, reporting, estimates, and project management tools. By 2017, FreshBooks had allowed 10 million people to manage their accounts through the platform and had paying customers in 120 countries, with particular strength in Canada and the United States. In July 2017, FreshBooks raised $43 million in Series B funding led by existing investor Georgian Partners, with participation from return investors Accomplice and Oak Investment Partners. The company had previously raised $30 million in Series A in 2014, bringing total investments to approximately $73 million as of July 2017. The Series B funding was earmarked to support the launch of FreshBooks' newly redesigned platform in North America and to continue product development in billing, reporting, accounting systems, and partner integrations. As part of the transaction, Georgian Partners managing director Simon Chong joined FreshBooks' board of directors. The company did not publicly disclose its post-money valuation, revenue figures, or EBITDA at the time of the Series B announcement.
Jul 2014Series AOak Investment Partners (lead); Georgian; Atlas Venture$30M-FreshBooks is a Toronto-based cloud accounting software company designed exclusively for service-based small business owners and independent professionals, offering tools for invoicing, time tracking, expense management, reporting, and payments that reduce invoicing time by 60% and accelerate payments. Founded in 2003 by Mike McDerment, the company was self-funded until its first institutional round in July 2014, raising $30 million (USD $30M / CDN $40M) led by Oak Investment Partners with participation from Atlas Venture and Georgian Partners, marking its Series A. The proceeds were used to accelerate growth and build on its customer satisfaction ratings, serving over 10 million users worldwide who processed billions in transactions across 160 countries, with around 150 employees at the time. This 2014 round was FreshBooks' initial venture funding after years of bootstrapping, positioning it to expand in the cloud accounting market targeted at small service businesses avoiding complex accounting software. Oak Investment Partners, a multi-stage VC firm focused on sectors like financial services technology, highlighted FreshBooks' potential as the market-leading solution for small service-based owners. Shea & Company acted as the exclusive placement agent for the transaction. Subsequent rounds included a $43 million Series B in 2016-2017 led by Georgian Partners with Accomplice and Oak participating, funding a new platform launch and North American growth, bringing total funding to around $73 million then. Much later, in 2021, FreshBooks raised $130.75 million in an inside Series E led by Accomplice, achieving over $1 billion valuation and unicorn status, with additional debt financing and participation from J.P. Morgan, others; cumulative funding exceeded $200 million.

Who has invested in FreshBooks?

11 investors have backed FreshBooks across its funding rounds, including Accomplice, Georgian, Oak Investment Partners, Gaingels, Sand Hill Angels and Atlas Venture.

Lead investors include Accomplice, Georgian and Oak Investment Partners.


FreshBooks Investors

Investors in FreshBooks by funding rounds participated
InvestorHQRoundsRoleFirst check
AccompliceUnited StatesBoston, MA2LeadJul 2017
GeorgianCanadaToronto2LeadJul 2014
Oak Investment PartnersUnited StatesNorwalk, CT2LeadJul 2014
ManulifeCanadaToronto1ParticipantAug 2021
Sand Hill AngelsUnited StatesSan Francisco, CA1ParticipantAug 2021
Atlas VentureUnited StatesUnited States1ParticipantJul 2014
JPMorgan ChaseUnited StatesNew York City, NY1ParticipantAug 2021
BarclaysUnited KingdomLondon1ParticipantAug 2021
GaingelsUnited StatesNew York City, NY1ParticipantAug 2021

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Acquisitions by FreshBooks

FreshBooks has acquired 2 companies to date.

Last acquisition by FreshBooks was on October 6th 2021. FreshBooks acquired FastBill for undisclosed valuation.


Latest Acquisitions by FreshBooks

FastBill
FACTURAMA INC
Description
-
Facturama Inc. is a Mexico City-based SaaS platform for electronic invoicing and fiscal management targeting microenterprises and professionals. Handling CFDI-compliant invoices amid a $3 billion annual market, the service automates issuance, payments, and reporting for over 36 million Mexican taxpayers. Launched in 2012, Facturama integrates with SAT systems and accounting tools, supporting growth driven by mandatory e-invoicing since 2014.
HQ CountryGermanyMexico
HQ City
-
San Luis Potosí
Deal Date6 Oct 202123 Sep 2020
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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FreshBooks Competitors

FreshBooks competitors include listed companies like 74Software and Freee, and private ones like 51 Credit Card Manager, Clara, DataSnipper and Payhawk.

Public and private companies comparable to FreshBooks
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
51 Credit Card ManagerChinaChinaPrivate$15M-$1B66.7x
ClaraBrazilSão PauloPrivate--$1B-
DataSnipperNetherlandsAmsterdamPrivate$45M-$1B22.2x
PayhawkBulgariaSofiaPrivate$45M-$1B-
74SoftwareFranceFrancePublicly listed$814M$112M$1.3B1.8x
FreeeJapanJapanPublicly listed$214M$6M$1.5B4.8x

FreshBooks Public Comps

FreshBooks is still privately-owned, but its public comps include Fujian Boss Software, 74Software, Teamshares, Freee, Miroku Jyoho Service, Nordtech Group, BlackLine, Baiwang Cloud, Avant Group and Zaggle Prepaid Ocean.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Fujian Boss Software$299M$40M2.8x2.9x21.1x21.0x
74Software$814M$112M1.9x1.8x13.7x9.8x
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Freee$214M$6M6.3x4.8x237.7x65.4x
Miroku Jyoho Service$315M$58M1.1x1.1x6.0x-
Nordtech Group$72M$15M5.1x-25.2x-
BlackLine$700M$72M2.6x2.5x25.6x8.5x
Baiwang Cloud$109M$433K2.6x2.7x648.3x-

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Common questions about FreshBooks

When was FreshBooks founded?FreshBooks was founded in 2003.
Where is FreshBooks headquartered?FreshBooks is headquartered in Toronto, Canada.
Is FreshBooks publicly listed?No, FreshBooks is a private, VC-backed company.
What is FreshBooks' valuation?FreshBooks was last valued at $1B in its Series E in August 2021.
How much funding has FreshBooks raised?FreshBooks has raised $156M across 3 funding rounds.
What was FreshBooks' last funding round?FreshBooks' last funding round was a $81M Series E in August 2021, led by Accomplice.
Who are FreshBooks' investors?FreshBooks' investors include Accomplice, Georgian, Oak Investment Partners, Manulife, Sand Hill Angels, Atlas Venture, JPMorgan Chase, Barclays, Gaingels, Vinyl Capital and 1 other.
Which companies are comparable to FreshBooks?Companies comparable to FreshBooks include 51 Credit Card Manager, Clara, DataSnipper, Payhawk, 74Software and Freee.
How many companies has FreshBooks acquired?FreshBooks has acquired 2 companies, including FastBill and FACTURAMA INC.

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