DCM, Infinity invest $2.7m in Japanese accounting software firm

Freee develops software for Japanese small- and medium-sized enterprises (SMEs). It synchronizes bank and credit card accounts, automatically categorizing income and spending through text analysis in a fashion similar to US site Mint.com.

Launched in March this year, the company says it has so far attracted more than 6,500 customers for its free-access automated accounting platform and has started to convert some of them into paid-up customers.

"In Japan, more than 99% of SMEs use stand-alone accounting software for bookkeeping, all of which require dual-entry bookkeeping knowledge," said Daisuke Sasaki, CEO and co-founder of Freee, in a statement. "Most accounting software users manually input data by looking at invoices and receipts."

The investment will enable the company to further automate book-keeping processes by integrating Freee with various tools used by SMEs such as POS and e-commerce platforms. It will also make collaboration easier by adding access control features.

DCM is an early stage venture capital firm based in Silicon Valley, Beijing and Tokyo with more than $2 billion under management.

Infinity Venture Partners is the Asian arm of e.ventures and is an early-stage venture capital firm focusing on the consumer services via the internet and mobile network in Greater China and Japan.

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• Technology
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• DCM-Doll Capital Management