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FreshBooks Gets $30M Investment

FreshbooksMoney continues to pour into the low-end online accounting market. FreshBooks says it has raised $30 million in what it terms its first institutional venture capital round. The company said the fund will be used to fuel growth, including the expansion of its work force from 150 to 400 by 2016. The round was led by Oak Investment Partners with participation from Atlas Venture and Georgian Partners.

Toronto-based FreshBooks says it has doubled its user base to 10 million over the last two years. Its productis focused on service-based businesses. FreshBooks is currently hiring developers, product managers and marketing experts. The company is offering a $3,000 bonus (Canadian) for any referrals that are hired.

The FreshBooks announcement came the same day that New Zealand-based Xero said it plans to go public by the end of its fiscal year on March 31. Xero raised $150 million, largely from investors in this country, last fall. Also getting funds this year was Kashoo, which secured an equity investment of undisclosed size from Paychex.

Among the jobs being advertized is partner marketing manager, whose responsibilities include "working with external and internal partners to develop campaigns, and launching/monitoring multi-channel marketing programs." The person hired will also help launch and push partner apps. FreshBooks is also seeking a director of development and developers of both iOS and Android apps for its mobile effort

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