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.”

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