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About
FreshBooks builds cloud invoicing and accounting software for small, service-based businesses and the self-employed — invoices that look professional, payments that arrive faster, and books an owner without accounting training can actually read. Mike McDerment started the company in his parents' Toronto basement in 2003 after accidentally saving over a client invoice, and ran it without a dollar of venture capital for ten years, saying no to every VC who called. Once customers, market, and executive team were derisked, he raised US$30M (2014) and US$43M (2017); a 2021 inside round led by Accomplice pushed the valuation past US$1B. Co-founded with Joe Sawada and Levi Cooperman, FreshBooks is one of Toronto's defining SaaS stories — tens of millions of people in 160+ countries have used it to get paid. McDerment has since handed off the CEO role and is starting a new venture from scratch.
Backers
- US$30M (Jul 2014) led by Oak Investment Partners, with Georgian Partners and Atlas Venture — FreshBooks' first outside capital after a decade bootstrapped
- US$43M (Jul 2017) led by Georgian Partners, with Accomplice and Oak Investment Partners, following the platform relaunch
- Later capital: US$80.75M Series E led by Accomplice plus US$50M debt (Aug 2021, US$1B+ valuation, with J.P. Morgan, BMO, Manulife, Barclays); US$125M (C$179M) senior debt from Morgan Stanley Expansion Capital and Private Credit, March 2025, announced alongside new CEO Shaheen Javadizadeh
Around the web ×6
Quick answers
What does FreshBooks do?
Cloud invoicing and accounting software for small, service-based businesses — invoicing, payments, expenses, time tracking, and double-entry accounting designed for owners without accounting training. Founded in Toronto in 2003.
Who founded FreshBooks?
Mike McDerment, with co-founders Joe Sawada and Levi Cooperman, in 2003 — famously out of McDerment's parents' basement after he saved over a client invoice. McDerment ran it as CEO for well over a decade and has since handed off the role; his profile and TechTO talk are one click up.
Is FreshBooks VC-backed?
It bootstrapped for its first ten years — McDerment said no to every VC — then raised US$30M in 2014 and US$43M in 2017 once customers, market, and team were derisked. A 2021 inside round led by Accomplice valued the company at over US$1B, and in March 2025 it added US$125M (C$179M) in Morgan Stanley debt financing.