Japan’s Freee raises $30m Series C round
DCM, Recruit Holdings and Japan Co-Invest have committed $30 million in Series C funding to Freee, a Japan-based provider of automated online accounting software.
The investment takes the company's overall funding to $43 million since its founding in July 2012. This includes an $8 million Series B1 round provided by DCM and Infinity Ventures and a Series B2 worth $6 million from Temasek Holdings-owned Pavilion Capital and Recruit Strategic Partners, the VC arm of Recruit Holdings.
Freee was set up by Daisuke Sasaki, who previously led Google's Asia Pacific marketing efforts targeting small and medium-sized enterprises (SMEs). In addition to the cloud-based accounting platform, the company has released a payroll software solution and a software suite for entrepreneurs incorporating new businesses. It operates under a "freemium" model with users paying for premium services.
Since the launch of the accounting platform in March 2013, Freee claims to have built up a user base of more than 380,000 SME customers. It plans to establish an administrative platform that supports the daily needs of SMEs, with services covering social security and tax compliance and electronic archiving.
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