Small business startup Wave Accounting has raised $12 million in its second round of funding, the company announced today.
Wave, which offers free accounting software for small companies,? feels that managing ?the books? is a complicated and dreaded task that isn?t any easier thanks to desktop accounting software.
?I experienced the pain first hand of trying to run your books and I really despise all those back office tasks,? said co-founder?Kirk Simpson in an interview with VentureBeat. ?[I wanted to]?simplify?the administrative tasks that small businesses despise.?
Simpson thinks high-end accounting software is so complicated that most business owners need to spend far too much time learning how to use it. He created Wave as a?simpler solution that clueless business owners could use to manage their accounting.
?There?s a disconnect between small businesses owners who hate doing this and yet they are being asked to pay hundreds of dollars to pay for desktop and cloud [accounting] software,? said Simpson.
Competition in this space ranges from high-end offerings like Salesforce, Zoho, and NetSuite, to cheaper and free services from Kashoo and Outright. Wave bets on its completely free offering and super-simple design to help it stand out. Wave makes it money solely from advertising services to its customers.
Social+Capital Partnership led the $12 million round.?Charles River Ventures and OMERS Ventures also contributed.
Wave Accounting is based in Toronto, Canada. The two-year old company has raised?$19 million in funding in the last 18 months, since its launch.
Man with financial chart image via Shutterstock
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