Saturday, 22 October 2011

Toronto startup raises $5M in latest ‘Wave’ of funding

Toronto startup raises $5M in latest ‘Wave’ of funding
Oct 14, 2011 – 11:27 AM ET
Investors continue to buy into Wave Accounting Inc.’s technology and business model as the Toronto startup announced a fresh round of financing worth $5-million Friday.
The latest infusion is led by U.S. venture capital firm Charles River Ventures and comes after a $1.5-million seed round that closed in early June.

Wave also got about $750,000 in funding from the Federal Economic Development Agency for Southern Ontario in September.
OMERS Ventures, the venture capital investment arm of the Ontario pension fund, which participated in the first round of seed funding and was also part of this latest round of Series A financing.
The company offers a free web-based accounting software and makes money through targeted advertising and group-buying opportunities.
Launched in November 2010, the company said in a statement Friday it has signed up almost 75,000 small businesses in 198 countries since then.
“Wave’s immediate plans include ongoing application development, as well as the launch of a complimentary payroll application later this year,” the company said.

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