Edinburgh, 13th September 2011: Online accounting pioneers FreeAgent (www.freeagent.com), founded by tech-savvy former freelancers Ed Molyneux, Olly Headey and Roan Lavery, have secured an investment of more than 2 million GBP to further accelerate their rapid growth. The new investment - led by SM Trust working with Torch Partners as well as existing investors - is the fourth external investment since FreeAgent was founded in 2007 and brings the total outside investment in the company to over 3 million GBP.
Ed Molyneux, FreeAgent CEO said: “We’re really pleased that the success of FreeAgent to date has enabled us to attract such a significant investment, and excited about the new opportunities this opens up to us to accelerate our growth even more.
“The genuine enthusiasm our customers have for FreeAgent and our focus on simplifying their business finances, have been instrumental in attracting both channel and business partners, as well as hugely influential investment partners. It’s particularly exciting to bring on board investors like SM Trust who share our own vision to ‘Democratise Accounting’.”
Building an ecosystem of strong business partnerships has been a critical factor in FreeAgent’s success to date. Molyneux explained: “The FreeAgent platform allows channel partners and software developers alike to benefit from our rapid growth, and this investment further confirms the market-leading position of that platform.”
FreeAgent is an online bookkeeping and accounting system already used by over 12,000 freelancers and small businesses. It enables users to take control of their business finances and doesn’t use confusing accounting jargon. Customers can send invoices, track time and expenses, analyse bank statements and build real-time accounts as well as use it to predict their future tax bills.
Fred Coorevits from SM Trust will join the board of FreeAgent as a non-executive director. He commented: “It was clear to us that SME accounting software was sorely in need of re-invention. FreeAgent is far and away the most innovative and visionary company in that space, and we’re really excited to be working together to redefine the accounting software market.”
With the latest investment FreeAgent plans to significantly expand its engineering team to accelerate product development, and to grow its customer support team to allow it to maintain a high standard of customer service as user numbers dramatically increase. The company also plans to invest in significantly larger scale business development, partnership and marketing initiatives.
Ed Molyneux added: “In many ways we’re only just getting started, and there’s so much more we want to do in terms of new features that really help to take the pain out of accounting for our customers. This investment will enable us to accelerate our development by bringing on board more world-class engineers and designers. FreeAgent has come a long way since it was founded in 2007. This latest investment means we can move forward with our ambitious plans but we’ll also be working really hard to ensure we don’t sacrifice the quality of service or dilute the amazing culture of the company.”
Tel: 01273 475672
Mob: 0777 937 2106
Tel: 0131 447 0011
Edinburgh-based independent FreeAgent has pioneered online accounting since the launch of its service in 2007. It has rapidly grown a loyal community of thousands of freelancers and small businesses, who pay either monthly or annually for access to its easy-to-use software.
The company is run by founders Ed Molyneux, Olly Headey and Roan Lavery who – originally freelancers themselves - needed a finance tool that would give them a clear picture of their business accounts. That product did not exist and so FreeAgent was born.
In a survey, 99.5% of FreeAgent users said they would recommend the software to others, and the service won the prize for Best Newcomer at the 2009 SIFT Media Software Satisfaction Awards. In 2010 it won the SIFT SME Accounting and Finance Software Satisfaction Award, beating all of its desktop- and web-based competitors to take the title.
In 2011 FreeAgent was selected by PCPro to join their A-List of best-in-class products.
FreeAgent was listed in the TechMedia Invest 100 list published by the Guardian in 2010.
FreeAgent’s investors include: Robin Klein at The Accelerator Group, who was named No 2 in Business XL magazine’s ‘Power Top 50 2011’ and No 22 in the Telegraph’s ‘100 Most Influential Tech Investors in Europe’, and accountancy software supplier IRIS Software.
FreeAgent was selected in 2010 to power the ‘IRIS OpenBooks’ online accounting system for IRIS Software, whose customers comprise around 50% of the 28,000 accountancy practices in the UK.
FreeAgent is in partnership with BCSG whereby it’s available as part of MyBusinessWorks
which is sold by Barclays to its SME customers.
To try it for free visit: freeagent.com
Follow us on twitter: @freeagent
About SM Trust
SM Trust concentrates on making early stage investment in exciting tech/internet businesses. Other investments have included Just-Eat, OnApp, PKR.com, TelecityGroup (LON.TCY) and UK2 Group (majority acquired by LDC).
This press release was distributed by ResponseSource Press Release Wire on behalf of Michele Bayliss PR in the following categories: Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.