Accel, Ribbit lead $35m round for Australian invoice app
Australia-based invoicing app Invoice2go has received $35 million in a Series A round of funding led by Accel Partners and Ribbit Capital. The company was founded in 2002 but this is its first external funding.
Alongside the investment, Accel's CEO-in-residence, Greg Waldorf, has joined Invoice2Go as its new CEO and the company is opening an office in Palo Alto, its first base in the US. Ryan Sweeney, a partner at Accel, will also join the Invoice2go board of directors.
Founder Chris Strode came up with the idea for Invoice2go after noticing a gap in the market for a cheap and easy-to-use invoicing program for small and medium-sized enterprises. Strode coded the first version on his commute home from work and it was initially released on Windows. The launch of the iPhone App Store allowed Invoice2go to transform into a mobile platform in 2009. Within two years it entered the top 10 in the App Store.
Invoice2go allows users to create invoices from mobile phones, tablets and computers, with documents synced across all devices. The app can also produce estimates and purchase orders, as well as charts and reports that show how a business is performing.
The company claims to have more than 100,000 business users in over 50 countries, with customers invoicing $10 billion each year. The development team works out of Australia with a support team operating out of the Philippines.
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