Total amount raised
$79.8 Million
Latest funding date
05/01/2017
Location
Wave has successfully raised funding through 10 rounds, with the latest being a Series D round involving 12 investors, including NAB Ventures as one of the lead investors. The company is backed by 17 investors, with notable names such as Social Capital and CRV.
Wave offers a suite of financial services and award-winning free software tailored for small and micro-businesses globally. Keep reading to explore the intricacies of Wave's fundraising journey and the investors backing this innovative platform.
What Is Wave?
Wave Financial, founded in 2010, is based in Toronto, Ontario, Canada. The company operates in various industries, including accounting, financial services, and software, providing tailored financial services such as payments and payroll, along with award-winning free software for small and micro-businesses globally.
With an employee count between 101-250, Wave has been acquired by H&R Block and has raised funding through multiple rounds. The company emphasizes ease of use, affordability, and comprehensive features designed to help small businesses manage their finances efficiently.
How Much Funding Has Wave Raised?
- Series D
- Amount Raised: USD 24,000,000
- Date: May 2017
- Lead Investors: NAB Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in product development, focusing on integrating artificial intelligence and machine learning to automate and streamline services.
- Series Unknown
- Amount Raised: CAD 14,600,000
- Date: October 2016
- Lead Investors: BDC IT Venture Fund, BDC Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Wave's expansion and development as a financial services platform.
- Series C
- Amount Raised: CAD 6,700,000
- Date: March 2016
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Wave's entry into the lending space.
- Series Unknown
- Amount Raised: USD 5,150,000
- Date: December 2015
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's financial solutions and expand its market reach.
- Series C
- Amount Raised: USD 10,000,000
- Date: May 2015
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop Wave's core platform and expand its customer base.
- Series Unknown
- Date: August 2014
- Investor Count: 1
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Series Unknown
- Amount Raised: USD 6,000,000
- Date: October 2013
- Investor Count: 3
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance Wave's financial services and expand its user base.
- Series B
- Amount Raised: USD 12,000,000
- Date: May 2012
- Lead Investors: Social Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series A
- Amount Raised: USD 5,000,000
- Date: October 2011
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch new financial products.
- Seed
- Amount Raised: CAD 1,500,000
- Date: May 2011
- Lead Investors: OMERS Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart Wave's operations and initial product development.
Total Amount Raised: USD 82,350,000
Current Valuation: Not publicly disclosed
Key Investors
- NAB Ventures
- Details: NAB Ventures is the venture capital arm of National Australia Bank, one of the largest financial institutions in Australia. They participated in Wave's Series D funding round.
- Investment Focus Areas: Financial services, technology, fintech.
- Notable Investments: Wave, Data Republic, Medipass.
- BDC IT Venture Fund
- Details: BDC IT Venture Fund is part of the Business Development Bank of Canada, focusing on supporting Canadian technology companies. They were involved in Wave's funding rounds.
- Investment Focus Areas: Technology, software, fintech.
- Notable Investments: Wave, Hopper, TouchBistro.
- CRV
- Details: CRV is a venture capital firm that has been investing in early-stage companies for over 40 years. They were a lead investor in Wave's Series A and Series C rounds.
- Investment Focus Areas: Technology, software, consumer services.
- Notable Investments: Twitter, DoorDash, Zendesk.
- Social Capital
- Details: Social Capital is a venture capital firm that focuses on solving the world's hardest problems. They led Wave's Series B round.
- Investment Focus Areas: Healthcare, education, financial services.
- Notable Investments: Slack, SurveyMonkey, Box.
- OMERS Ventures
- Details: OMERS Ventures is the venture capital investment arm of OMERS, one of Canada’s largest pension funds. They participated in Wave's seed funding round.
- Investment Focus Areas: Technology, software, fintech.
- Notable Investments: Shopify, Hootsuite, Hopper.
What's Next for Wave?
Wave's future looks promising as it continues to expand its cloud-based financial management services for small businesses. With the recent $32 million CAD funding, the company aims to integrate artificial intelligence and machine learning to automate and streamline its offerings. This technological advancement could significantly enhance their service efficiency and customer experience.
Future fundraising opportunities seem likely, given the strategic support from major financial institutions like RBC and NAB. These partnerships not only provide financial backing but also open doors for further market expansion and product development. However, Wave will need to navigate challenges such as competition from other fintech companies and regulatory compliance in different markets.
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