Japanese cloud-based accounting software company “freee” recently raised $30 million in its series C funding. The funding was raised with the help of investors such as DCM, Recruit Holding and Japan Co-Invest Limited Partnership.
freee was recently crowned as the king of cloud accounting software in Japan. It provides a “cloud payroll software in the accounting and payroll administrative and billing office of the tax return and corporations of sole proprietorships automation.” They have also been promoting “back-office optimization.” The company was established in 2012 under the leadership of Daisuke Sasaki, who previously headed Google’s SMB marketing in the Asia-Pacific region. With this investment, the total funding raised by the company (since its establishment) has reached $43 million. The company claims that around 380,000 SMBs use their platform.
Some of the benefits of using freee’s cloud accounting software as listed by the company are:
- No need of replacement or reinstallation as the software is on the cloud and always uses the latest version.
- Get automatic databanks and credit cards.
- Easy to use even without expert knowledge, and can be used together as a plurality of persons, such as employees and tax accountants.
- The software is available anywhere—be it PC or smartphone—with the help of the Internet.
According to freee’s, its success is due in large part to its relentless focus on providing user-friendly accounting and payroll software. The corporate segment has been the main growth driver for the business in the recent past. The company is planning to invest the raised capital in order to further accelerate growth in this segment.
Furthermore, in order to save SMBs from time-consuming back-office tasks, freee plans to focus on establishing a small-business platform that supports the daily business of SMBs.
About the company:
freee provides an automated cloud-based accounting software that synchronizes with users’ bank accounts and automatically categorizes book entries to create financial reports and tax-filing documents. The accounting service was launched in March 2013, and a cloud-based payroll service was launched in October 2014. freee K.K. was founded in July 2012 under the leadership of Daisuke Sasaki, who previously headed Google’s SMB marketing in the Asia-Pacific region. freee is the winner of Infinity Ventures Summit Launch Pad 2013 Spring, the most prestigious startup demo event in Japan. For more information, click here.