Wave Accounting Inc. just announced they have closed a Series A financing round, led by Charles River Ventures (CRV), with the participation of OMERS Ventures. This new round of $5 million will allow the online accounting software developer to continue expansion within North America, but also internationally. They also plan to launch a complementary payroll application later this year.
Their software-as-a-service (SaaS) based solution 100% free for its customers, generating revenue by offering sophisticated, ultra-targeted advertising and group-buying opportunities instead of charging its end users expensive subscription fees. American Express, Dell and Grand & Toy are among several dozen advertising partners to date.
“We believe in the vision of the Wave management team, and are confident that they are well positioned to execute their ambitious plans,” says Devdutt Yellurkar, a partner at CRV. “We see great potential for immediate and long-term growth with Wave, on the strength of their technology and innovative business model.”