The Toronto-based accounting software maker also has the option to borrow an additional US$25 million. The facility includes the roll over of US$50 million that BMO agreed to lend FreshBooks in August 2021, when it raised a US$80.75-million Series E round at a US$1-billion-plus valuation. (The Logic)
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The Toronto-based accounting software maker also has the option to borrow an additional US$25 million. The facility includes the roll over of US$50 million that BMO agreed to lend FreshBooks in August 2021, when it raised a US$80.75-million Series E round at a US$1-billion-plus valuation. (The Logic)
Talking point: FreshBooks said it will spend some of the capital on acquisitions. The firm bought San Luis Potosi, Mexico-based company Facturama in September 2020, and agreed to take over Frankfurt-based FastBill in October 2021. FreshBooks’s loan and global growth plans come as Canadian venture funding starts to cool and other scale-ups curb their enthusiasm for new international markets. The company chose to seek debt financing despite rising interest rates because of the lower cost of capital compared to selling equity, said spokesperson Sajni Khera. Neither funder is new to the firm. J.P. Morgan made an undisclosed equity investment in FreshBooks in August 2019.
Update: This item has been updated with comment from FreshBooks.
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