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Wave Accounting Goes For Gold, Secures $12M In Series B Funding

Wave Accounting secured $12M in a Series B round of funding for their cloud-based accounting software startup today, which marks another major milestone in the company’s history.  In June of 2011, they secured $1.5M in seed funding, and then another $5 million in October, which helped them to acquire Small Payroll and start rolling out of their service into US.  Today’s round was led by The Social+Capital Partnership (Social+Capital) with participation from existing investors Charles River Ventures (CRV) and OMERS Ventures.

Since launching back in 2010, the company has grow at a rapid rate and makes it one of the fastest growing financial applications for small businesses.  A few of the companies key milestones include:

  •  signed up nearly a quarter of a million businesses, and continues adding roughly 1,000 new signups every day.
  • attracted business owners in 200+ countries, with 70% of signups coming from North  America.
  • tracked $24.3 billion in income and spending

Wave Account has started accepting advance invitations to US companies that want to use their service.