Wave Accounting Secures $5 million In Series A Financing

BY: 

Dave Forde
October 14, 2011

Wave Accounting Inc. just announced they have closed  a Series A financing round, led by Charles River Ventures (CRV), with the participation of OMERS Ventures. This new round of $5 million will allow the online accounting software developer to continue expansion within North America, but also internationally.  They also plan to launch a complementary payroll application later this year.

Their software-as-a-service (SaaS) based solution 100% free for its customers, generating revenue by offering sophisticated, ultra-targeted advertising and group-buying opportunities instead of charging its end users expensive subscription fees. American Express, Dell and Grand & Toy are among several dozen advertising partners to date.

“We believe in the vision of the Wave management team, and are confident that they are well positioned to execute their ambitious plans,” says Devdutt Yellurkar, a partner at CRV. “We see great potential for immediate and long-term growth with Wave, on the strength of their technology and innovative business model.”

Back in June of 2011 Wave closed a seed round of $1.5 million.

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Dave Forde


Dave “The Connector” Forde has been involved in the marketing, public relations and technology industry across Canada for over 20 years in various sales and marketing roles, he launched The Connected One network of business sites which connects buyers to the right sellers. Profectio and PR In Canada covers news about the marketing and public relations industry each day helping professionals advance their career and businesses. He also serves as an advisor to a number of businesses across the country. Find Dave on LinkedIn and Twitter.


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