Cloud based accounting service, Freee, based out of Tokyo has secured $30 Million led by Recruit Holdings. Other investors who participated in the round include Japan Co-Invest & DCM.
Founded in July 2012, the Japanese StartUp has raised a total of $43 million and the CEO Daisuke Sasaki, currently values it at $250 Million.
Freee’s growth has been driven mostly by the corporate sector and in an official statement released today, the company stated that the funds from the latest round will be used to accelerate the growth in same sector.
Freee, a cloud based accounting software works with the bank accounts of the client. It automatically synchronizes the entries in the bank account and categorises them accordingly to help the companies create financial reports and taxation documents. Freee has till date, launched 2 services, a cloud based accounting software launched in May 2013 followed by another cloud based payroll software in May 2014.
Freee has plans to launch another product by the end of this quarter. If the reports are to be believed, then the company is working on “My Number Freee”, Social Security & Tax Identification number system. Also, Freee plans to launch an online archive system for receipts by the end of this year.
Daisuke Sasaki, CEO-Freee is an ex-Googler and his main vision is to make the back office activities like payroll management more creative by the solutions they build.