FreeAgent, the multi-award winning cloud accounting provider, today launched a £1M crowdfunding round with Seedrs to accelerate its vision of “Democratising Accounting” for UK micro-businesses and freelancers. The cloud accounting pioneer will use funding to to accelerate development of its product and introduce more micro-businesses and freelancers to FreeAgent, so that they can manage their books more effectively.
By choosing the crowdfunding route, FreeAgent seeks to open investment to its 40,000-strong customer base and also hopes to attract other traditional and non-traditional investors, including small business owners and accountants. These new investors will be able to have a stake in FreeAgent from as little as £10. To date, FreeAgent has raised over £324,655 of its £1M goal for 3.21% EIS equity shares from over 47 investors. The company is currently valued at £30,177,600.
“Accounting has long been an unglamorous, under-served backwater of the software industry,” the Oxford grad and CEO and Co-founder of FreeAgent Ed Molyneux candidly shared. “But we believe that by focussing specifically on the needs of micro-businesses, we’ve been able to completely reinvent this category. FreeAgent is already empowering many thousands of people to take control of their business finances and to view accounting as an integral, straightforward part of their working life, rather than something to be feared. So who better to help us achieve our vision of ‘Democratising Accounting’ than our customers? We chose crowdfunding because we want to make it straightforward for them – as well as other small business owners – to invest in FreeAgent.”
FreeAgent is specifically-designed for micro-businesses (those with fewer than 10 employees) and helps them manage their business admin, giving them real time access to their financial information and, with its unique tax filing capabilities, helping them relax about tax.
“We’re very honoured that FreeAgent has become another well-established and well-respected business to use Seedrs,” Seedrs CEO Jeff Lynn stated. “They see the huge opportunity in raising growth capital alongside inviting customers to share in their success. FreeAgent has built their strong reputation by offering great products and services to their customers, and we’re proud that they chose Seedrs to help them crowdfund properly.”
FreeAgent’s customers regularly describe how the product has transformed the relationship they have with their business finances – and the company consistently achieves world-class customer satisfaction ratings (their most recent Net Promoter Score was 76, on a par with global brands such as Apple), according to the release.
Since its launch in 2007, FreeAgent has grown into an established, highly-regarded technology innovator, with customers in 100 countries and more than 70 members of staff. For the past two years the company has been ranked in the top 20 of the Deloitte Fast 50 – the annual run down of the UK’s fastest-growing technology companies – as well as being named as “One to Watch” in the Sunday Times Tech Track 100.
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