Barclays and JP Morgan invest in new unicorn FreshBooks

Cloud accounting software business FreshBooks has reached unicorn status after securing $130 million in funding.

The company raised $80.75 million in Series E funding and $50 million in debt financing, bringing its total valuation to more than $1 billion.

The round was joined by Barclays, which is an established FreshBooks platform partner in the UK, as well as JP Morgan and several other organisations.

“The funding comes as an injection of confidence in our mission to digitally enable small businesses,” said Don Epperson, chief executive, FreshBooks. “I’m proud to be backed by this longstanding group of investors who believe in what we do and want to advance our next stages of success.”

The software company, established in 2004, plans to use the funding towards sales and marketing, research and development, and strategic acquisitions.

“We’re pleased to support the FreshBooks team with this equity investment as they scale into new markets,” said Kester Keating, head of US principal investments at Barclays. “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.”

    Share Story:

Recent Stories

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.