Invoice2go Acquisition, Valuation, Funding & Investors

Invoice2go was acquired by BILL.com for $625M in July 2021.

Invoice2go acquisition price

$625M

Acquired by BILL.com · Jul 2021

Cumulative funding Invoice2go raised

$60M

across 4 funding rounds

Key investors in Invoice2go

  • Accel
  • Ribbit Capital
  • Greg Waldorf
  • Employee Stock Option Fund
  • OCV

Invoice2go Overview

About Invoice2go

Invoice2go is a Sydney-headquartered mobile invoicing app for freelancers and small businesses in 160 countries. The platform generates estimates, invoices, tracks expenses, manages time, and accepts payments via cards and ACH. It integrates with QuickBooks and Xero for accounting sync. Founded in 2008, Invoice2go supports field service pros with job scheduling and client portals.


Founded

2002

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$625M (acquired Jul 2021)

Invoice2go Acquisition

Invoice2go was acquired by BILL.com for $625M on 19 July 2021.

Before the acquisition Invoice2go had raised $60M across 4 funding rounds.

Invoice2go acquisition details
AcquirerDateTypePrice
19 Jul 2021Strategic M&A$625M

Invoice2go Funding History

Invoice2go has raised a total of $60M across 4 funding rounds.

Invoice2go's first fundraising round was a $20M Series A in April 2014. The most recent completed round was a $10M Series C in September 2018.

Invoice2go funding rounds

Invoice2go funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2018Series COCV (lead); Ribbit Capital; Employee Stock Option Fund; Accel$10MInvoice2go is a mobile invoicing app that enables small businesses to manage finances, including sending invoices and estimates, accepting payments, tracking expenses, and generating reports. The company serves 250,000 customers who send around $24 billion in invoices annually. It recently added features like time tracking, appointment management, and front deposit collection. Invoice2go raised $10 million in equity funding on September 11, 2018, led by OCV Partners, with participation from existing investors Accel and Ribbit Capital. OCV Partners managing principal Hemi Zucker joined the board. This round brought total funding to $60 million. Proceeds will support product innovation and expansion of offerings for small businesses.
Nov 2015Series CRibbit Capital (lead); Accel; Greg Waldorf$15MInvoice2go is a fintech invoicing app maker founded in Australia in 2002 that offers a mobile app for small businesses to manage cash flow through invoicing, expense tracking, and reporting tools. Users can create customized invoices with templates and add business logos. The company raised $15 million in a Series C funding round led by Ribbit Capital with participation from Accel Partners, bringing total funding to $50 million as of March 2015. Invoice2go also struck a payments deal with Stripe around the time of the round.
Sep 2014Series BRibbit Capital (lead); Accel$15MInvoice2go raised $35 million from Accel Partners and Ribbit Capital. The funding supported global growth, international hiring, product development, and marketing. The company opened a new office in Palo Alto, California, and appointed Greg Waldorf as CEO. Invoice2go provides a mobile app for small businesses to manage cash flow via invoicing, expense tracking, and reporting tools. Users get paid seven days faster and save three hours per week on average. Over 100,000 small business owners worldwide used the platform. Ribbit Capital, led by Micky Malka, had tracked Invoice2go's success for years, praising its mobile-first product for building trust with business owners globally.
Apr 2014Series AAccel (lead); Greg Waldorf$20MInvoice2go is a mobile app that helps small businesses manage cash flow through easy-to-use invoicing, expense tracking, and simple reporting tools. Founded in 2002 by Australian developer Chris Strode, it became the highest-grossing business app in over 50 countries and the App Store's #1 mobile invoicing app, trusted by over 100,000 customers worldwide. The company reported sending over $50 million in invoicing every day and accounting for more than $10 billion of invoicing volume annually as of September 2014. Small businesses using the app get paid seven days faster and save three hours per week on average. In September 2014, Invoice2go raised $35 million in its first institutional funding round led by Accel Partners, with participation from Ribbit Capital. Greg Waldorf, CEO-in-Residence at Accel Partners, was appointed as the company's new CEO. The funds were allocated for global growth, hiring international talent, product development, and marketing. The announcement coincided with the opening of a new office in Palo Alto, California.

Who has invested in Invoice2go?

5 investors have backed Invoice2go across its funding rounds, including Accel, Ribbit Capital, Greg Waldorf, Employee Stock Option Fund and OCV.

Lead investors include OCV, Ribbit Capital and Accel.


Invoice2go Investors

Investors in Invoice2go by funding rounds participated
InvestorHQRoundsRoleFirst check
AccelUnited StatesPalo Alto, CA4LeadApr 2014
Ribbit CapitalUnited StatesSan Francisco, CA3LeadSep 2014
Greg WaldorfUnited StatesSan Francisco, CA2ParticipantApr 2014

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Acquisitions by Invoice2go

Invoice2go has acquired 2 companies to date.

Last acquisition by Invoice2go was on April 13th 2021. Invoice2go acquired Booklaunch for undisclosed valuation.


Latest Acquisitions by Invoice2go

Booklaunch
Betterlance
Description
Booklaunch is a web platform for authors and publishers to create customizable landing pages for book promotions. It includes email capture forms, sales funnels, and analytics integrated with tools like Shopify and Mailchimp for direct-to-reader marketing.
-
HQ CountryUnited States-
HQ City
Sacramento, CA
-
Deal Date13 Apr 202113 Apr 2021
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Invoice2go Competitors

Invoice2go competitors include listed companies like Turn Cloud Technology and Diebold Nixdorf, and private ones like Khatabook, BukuWarung, Virtuous Software and Homebase.

Public and private companies comparable to Invoice2go
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
KhatabookIndiaBangalorePrivate$9M-$600M66.7x
BukuWarungIndonesiaJakartaPrivate--$250M-
Virtuous SoftwareUnited StatesUnited StatesPrivate--$600M-
HomebaseUnited StatesSan Francisco, CAPrivate--$550M-
Turn Cloud TechnologyTaiwanTaiwanPublicly listed$25M$7M$288M-
Diebold NixdorfUnited StatesUnited StatesPublicly listed$3.8B$329M$2.2B0.7x

Invoice2go Public Comps

Invoice2go is no longer listed, but its public comps include PAR Technology, Teamshares, Huitongda Network, Smaregi, Miroku Jyoho Service, Fujian Boss Software, Nordtech Group, Pro-Ship, Baiwang Cloud and Shiprocket.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PAR Technology$456M($27M)2.2x2.0x(38.0x)24.4x
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Huitongda Network$7.8B$112M0.0x0.0x0.3x0.3x
Smaregi$86M$24M4.4x4.2x15.6x14.2x
Miroku Jyoho Service$315M$58M1.1x1.1x6.0x-
Fujian Boss Software$299M$40M2.8x2.9x21.1x21.0x
Nordtech Group$72M$15M5.1x-25.2x-
Pro-Ship$54M$21M5.5x4.9x14.2x13.4x

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Common questions about Invoice2go

When was Invoice2go founded?Invoice2go was founded in 2002.
Where is Invoice2go headquartered?Invoice2go is headquartered in San Francisco, CA, United States.
Is Invoice2go publicly listed?No, Invoice2go was acquired by BILL.com in July 2021.
Who acquired Invoice2go?Invoice2go was acquired by BILL.com in July 2021.
How much was Invoice2go acquired for?Invoice2go was acquired for $625M in July 2021.
How much funding has Invoice2go raised?Invoice2go has raised $60M across 4 funding rounds.
What was Invoice2go's last funding round?Invoice2go's last funding round was a $10M Series C in September 2018, led by OCV.
Who are Invoice2go's investors?Invoice2go's investors include Accel, Ribbit Capital, Greg Waldorf, OCV and Employee Stock Option Fund.
Which companies are comparable to Invoice2go?Companies comparable to Invoice2go include Khatabook, BukuWarung, Virtuous Software, Homebase, Turn Cloud Technology and Diebold Nixdorf.
How many companies has Invoice2go acquired?Invoice2go has acquired 2 companies, including Booklaunch and Betterlance.

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