Toronto’s FreshBooks has raised a USD $80.75 million Series E round of funding.
FreshBooks claims that the round raises its valuation to more than USD $1 billion — a milestone for tech startups known as unicorn status — putting it among a series of Canadian companies to reach the marker in the past year, including Ada, Clio, Thinkific, Trulioo, Wealthsimple and Clearco.
FreshBooks has built a cloud-based accounting software platform designed to make things like invoicing, expenses, payments, payroll and financial reporting easier for small business owners and self-employed people (and their clients).
The company, which says it has served more than 30 million people in over 160 countries, was bootstrapped for the first decade of its life.
The round was led by existing backer Accomplice and included J.P. Morgan, Gaingels, BMO Technology & Innovation Banking Group and Manulife also participated in the equity investment, along with platform partner and new backer Barclays.
With the new capital injection, FreshBooks has now raised a total of more than $200 million in funding over its lifetime.
FreshBooks has 500 employees in Canada, Croatia, Mexico, the Netherlands and the United States — hiring over 100 people in the past year and continuing to hire.
FreshBooks plans to use its new capital toward sales and marketing, research and development and additional strategic acquisitions.