Small business software service freee announced new support for its venture on Monday (Aug. 24) with the news that investors provided $30 million in Series C funding for the company.
The Japanese startup provides automated back-end solutions like payroll and accounting for SMEs. Venture capitalists DCM, Recruit Holdings and Japan Co-Invest Limited Partnership participated in the funding to support freee, which launched in March of 2013, according to reports.
The investment pulls the total volume of funds raised by the business to $43 million.
The funding follows freee’s most recent product launch, the Kaisha Setsuritu software, developed specifically for entrepreneurs. The company’s suite of cloud-based solutions already includes more than 380,000 small business users, reports said.
Freee said the new backing will help the business expand its customer base even further. Reports said the company is also planning to launch a “small business platform,” though few specifics were offered on that front. Freee is also in the midst of adopting its software services to the new My Number Social Security and tax number system. The tool will help SMEs become compliant with the new regulations, reports said, and is set for release in October of this year.
New services will also eventually include electronic document and receipt archiving, set to launch in December, and next year freee is expected to rollout its My Number-compliant accounting and payroll software versions.
Freee was founded by former Google SMB marketing chief for the Asia Pacific region Daisuke Sasaki, reports said.
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