Japanese accountancy SaaS company freee has secured USD6 million in Series B2 funding from Pavilion Capital and Recruit Strategic Partners.
This follows the Series B1 funding of USD8 million from DCM and Infinity Ventures.
The investor support and additional funding will allow freee to accelerate its development and strengthen its position among the Japanese SMB market.
Daisuke Sasaki, chief executive of freee, says: "In Japan, SaaS penetration among SMBs is still around 17 per cent. SMBs did not choose SaaS for accounting tasks until freee was launched. We successfully opened this market by offering the first online accounting software that can truly automate bookkeeping and help SMBs to run their businesses more effectively. The strong investor support that we have secured this year affirms the value we bring to the market. With this new funding, we will continue to add more features to our product, innovate ways to help SMBs, and accelerate freee's growth. We have added payroll product in May and launched a new expense report feature today. We are on the mission to help SMBs simplify and automate back office tasks as a whole. Our goal is to be the leading business management cloud platform for SMBs."
freee is used by over 120,000 SMBs in Japan. Since its launch in March 2013, freee has been investing in improving the product by increasing bank coverage, adding features, launching iOS and Android apps, and integrating with major SMB tools such as Square and AirRegi.
