In 2020, FreshBooks bought Mexican electronic invoicing company Facturama To expand the company’s audience in Spanish-speaking markets
Toronto-based online accounting software company FreshBooks raised its Series E investment round with $130 million, bringing its total value to more than $1 billion, making it into a unicorn company.
$80.75 million in financing and $50 million in additional debt were raised; The tour was led by Accomplice, as well as participating JP Morgan, Gaingels, BMO and Manulife; As well as Barclays, the platform’s UK ally.
Think small and medium businesses
Don Epperson, CEO of FreshBooks noted that the company’s goal, and more important than this elevator, is to digitally empower Small and Medium Enterprises (SMEs). They will achieve this through the consolidation given to the areas of sales, marketing, research and development, as well as strategic acquisitions.
“We will use this capital to enhance our differentiators, and this includes investing in markets that are growing and evolving in regulatory matters, helping entrepreneurs manage their finances through streamlined workflows, and remaining as leaders and references for support and customer service.”.
Epperson said that after buying Mexican company Facturama in 2020, they noticed the growth potential of Mexico’s SMEs.
“This evaluation event and the new round of funding will help us carry out our mission to support small business owners in Latin America.”.
Finally, Jeff Fanian, Accomplice Founder and Managing Partner, noted that “there is a need today more than ever to support freelancers with digital tools and solutions.”