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On the TechTO stage
Jamie McDonald of Hubdoc presents The Robots are Coming
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Jamie McDonald of Hubdoc presents What's My Why
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Jamie McDonald of Hubdoc presents Finding Your Why
Watch on YouTube ↗TechTO Together — Jamie McDonald
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About
Hubdoc began in 2013 as a consumer product on the premise that filing cabinets are dumb. It didn't work. McDonald told the TechTO stage in July 2015 that they had built an app people loved but not enough to make a business, spent a summer measuring what was actually working, and followed the customers who kept using it — bookkeepers and accountants. That pivot became the company. By November 2017 he was on the same stage saying Hubdoc was up to 60 people in Toronto. Xero acquired it in July 2018 for up to US$70M, on CA$6M of total funding, and a year later put McDonald on its executive team.
Backers
Fairfax Financial led an early unannounced round. BDC IT Venture Fund and Round13 Capital led a CA$6M round in 2017, with Hyde Park Venture Partners. Xero acquired the company in 2018. · CA$6M raised in total
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Quick answers
What does Hubdoc do?
It collects financial paperwork — bills, receipts, bank and supplier statements — from hundreds of institutions, converts it to data, and syncs it to cloud accounting software. Accountants and bookkeepers are the main channel. It now operates as part of Xero.
Who founded Hubdoc?
Jamie McDonald and Jamie Shulman, in Toronto. The two had already worked together at Sparkroom, the mortgage-tech company McDonald told the TechTO stage was started in the 2007 mortgage crisis and peaked at about $3M recurring revenue and 20 people.
What happened to Hubdoc?
Xero acquired it in July 2018 for up to US$70M — US$60M up front in 35% cash and 65% equity, plus US$10M in equity against operational targets. BetaKit reported the company had raised CA$6M in total. A year later Xero appointed McDonald to its executive team to lead accounting and global services.
When was Hubdoc founded?
2013. McDonald told the TechTO stage in July 2015 that they had started the company two years earlier, and blogTO covered Hubdoc as a Toronto startup in June 2013, after its consumer beta launched that March. Some press dates the company to 2014, which is when the founders relaunched the product as Hubdoc Business for accountants.