Wave Accounting secured $12M in a Series B round of funding for their cloud-based accounting software startup today, which marks another major milestone in the company’s history. In June of 2011, they secured $1.5M in seed funding, and then another $5 million in October, which helped them to acquire Small Payroll and start rolling out of their service into US. Today’s round was led by The Social+Capital Partnership (Social+Capital) with participation from existing investors Charles River Ventures (CRV) and OMERS Ventures.
Since launching back in 2010, the company has grow at a rapid rate and makes it one of the fastest growing financial applications for small businesses. A few of the companies key milestones include:
- signed up nearly a quarter of a million businesses, and continues adding roughly 1,000 new signups every day.
- attracted business owners in 200+ countries, with 70% of signups coming from North America.
- tracked $24.3 billion in income and spending
Wave Account has started accepting advance invitations to US companies that want to use their service.
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