Invoice2go raises $35 million
Invoice2go, an invoicing app for small business owners, has raised USD $35 million in financing from Accel Partners and Ribbit Capital. The company has also appointed Greg Waldorf as new Invoice2go CEO. He was the CEO-in-Residence at Accel Partners.
The company is the number one invoicing app in the App Store, it accounts for more than $10 billion of invoicing volume annually.
The app is designed to provides small businesses with solutions to manage cash flow through invoicing, expense tracking and operational tools.
Australian small business owner Greg Strode who was frustrated by the lack of simple invoicing solutions founded Invoice2go in 2002. He will remain in Sydney to lead product development. According to Strode, “We’ve been the quiet achievers, working from the central coast to build a product that is proven to be the best for small business owners around the globe who want a time-saving, uncomplicated invoicing solution. With 100 million small businesses globally, there is enormous potential to scale Invoice2go.
“Now, with significant investment on board, we are perfectly placed to make what is already a fantastic product even better,” he said.
(Invoice2go founder Chris Strode)
With Invoice2go, small businesses get paid seven days faster and save three hours per week on average, which significantly improves cash flow and streamlines business operations.
By the numbers
- The top grossing business app in the Australian App Store. It has also held this rank in over 50 countries worldwide.
- Over 100,000 SMBs use it worldwide
- Over USD$10 billion in invoicing every year
- Available in 9 different languages
“We see a similar opportunity for Invoice2go to make mobile invoicing as easy as Dropbox has done for file sharing,” says, Ryan Sweene, partner at Accel who will join Invoice2go’s board of directors
Quite apart from the loot, the ability to attract investors like Accel is a big vote of confidence in the business. Accel’s other bets have included Facebook, Spotify, Atlassian, 99designs and Ozforex.
Meanwhile, another investor, Micky Malka founder of Ribbit Capital said,“We have been tracking the success of Invoice2go for several years now. It has huge potential as an industry disruptor and we look forward to partnering with Chris and Greg on the next stage of growth.”