Total amount raised
$429.75M
Latest funding date
2025-03-20
Location
FreshBooks has successfully navigated 10 funding rounds, with the latest being a Debt Financing round. The company is backed by 17 investors, including Morgan Stanley Expansion Capital and Morgan Stanley Private Credit.
FreshBooks offers a comprehensive suite of financial management tools tailored for small businesses, freelancers, and solopreneurs. Keep reading to explore the intricacies of FreshBooks' fundraising journey and the investors backing this innovative platform.
FreshBooks has raised significant capital across multiple funding rounds, backed by a diverse group of investors including Morgan Stanley Expansion Capital, Morgan Stanley Private Credit, Accomplice, Georgian, Oak Investment Partners, J.P. Morgan, BMO, and others.
Keep reading to explore FreshBooks' fundraising journey, from its early Series A through its most recent debt financing round in 2025.
What Is FreshBooks?
FreshBooks is a Toronto-based cloud accounting software company founded in 2004. It serves small business owners, freelancers, and self-employed professionals, providing tools for invoicing, expense tracking, time tracking, payments, and financial reporting. FreshBooks reached unicorn status in August 2021 with a valuation exceeding $1 billion.
How Much Funding Has FreshBooks Raised?
- Series A
- Amount Raised: USD 30,000,000
- Date: July 2014
- Lead Investors: Oak Investment Partners
- Participants: Atlas Venture, Georgian
- Series B
- Amount Raised: USD 43,000,000
- Date: July 2017
- Lead Investors: Georgian
- Participants: Accomplice, Oak Investment Partners
- Corporate Round (Strategic Investment)
- Amount Raised: Undisclosed
- Date: August 2019
- Lead Investors: JPMorgan Chase
- Series E
- Amount Raised: USD 80,750,000
- Date: August 2021
- Lead Investors: Accomplice
- Participants: J.P. Morgan, BMO, Manulife, Gaingels, Barclays
- Debt Financing
- Amount Raised: USD 50,000,000
- Date: August 2021
- Lead Investors: BMO
- Grant
- Amount Raised: USD 1,000,000
- Date: November 2022
- Lead Investors: SCALE AI
- Debt Financing
- Amount Raised: USD 100,000,000
- Date: August 2022
- Lead Investors: BMO, J.P. Morgan
- Debt Financing
- Amount Raised: USD 125,000,000
- Date: March 2025
- Lead Investors: Morgan Stanley Expansion Capital, Morgan Stanley Private Credit
Total Amount Raised: At least $429.75M based on disclosed funding (several rounds had undisclosed amounts).
Key Investors
- Morgan Stanley Expansion Capital & Morgan Stanley Private Credit
- Details: Lead investors in the March 2025 debt financing round, providing $125 million in senior debt financing to refinance existing debt and fuel continued growth.
- Accomplice
- Details: A seed-led venture capital firm based in Massachusetts. Longtime investor in FreshBooks and lead investor in the August 2021 Series E round.
- Georgian
- Details: Lead investor in the July 2017 Series B round. Georgian is a growth equity firm focused on applied AI, privacy, and conversational AI.
- Oak Investment Partners
- Details: Lead investor in the July 2014 Series A round and a returning participant in the Series B round.
- J.P. Morgan / JPMorgan Chase
- Details: Made a strategic corporate investment in FreshBooks in August 2019, joined the Series E round in 2021, and co-led the $100M debt facility in August 2022 alongside BMO.
- BMO (Bank of Montreal)
- Details: Lead investor in the August 2021 $50M debt round, participant in the Series E, and co-lead of the $100M debt facility in 2022.
- SCALE AI
- Details: Canada's AI Global Innovation Cluster, provided a $1 million grant to FreshBooks in November 2022 as part of a $25M investment initiative supporting AI adoption in Canadian businesses.
What's Next for FreshBooks?
FreshBooks is poised for significant growth, driven by its recent $125 million debt facility. This funding will support the company's continued expansion and refinancing of existing debt. With a valuation exceeding $1 billion and a strong customer base, FreshBooks is well-positioned to capitalize on the growing demand for cloud-based accounting software.
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