Wave is one of a group of relatively new companies that market Internet-based accounting packages. The others include New Zealand-based Xero, which opened a U.S. office last fall, and FreshBooks, also based in Toronto. These two are more traditional in offering the application for sale to end users.
Wave Accounting Gets $12 Million
Wave Accounting has secured $12 million in funding for its efforts to develop the market for its online accounting applications. Based in Toronto, Wave said the funding round was led by The Social+Capital Partnership with participation from existing investors Charles River Ventures and OMERS Venture.
Wave provides its accounting application free to users and makes its money on sponsorships and advertising aimed at those users. The company says it has about 250,000 business es as users with about 1,000 new signups occuring daily. The company launched Wave Payroll in Canada in February and that product will be introduced in the United States this year.
