Invoice2go, a developer of mobile app technology that helps small businesses streamline invoicing and expense reporting, has received $35 million in backing from a pair of venture capital firms.
Invoice2go says it will use the funds to expand into more international markets and to hire more employees for product development and marketing. The funding comes from Accel Partners, a Silicon Valley-based private equity firm, and Ribbit Capital, also based in Silicon Valley.
Founded in 2002, Invoice2go develops mobile app technology for iPhones and iPads. The apps help small businesses to manage cash flow through a series of invoicing, expense tracking and other reporting tools. In conjunction with new financial backing, the company also named Greg Waldorf as CEO. Waldorf previously was CEO of eHarmony Inc., an online dating service. Invoice2go’s founder, Chris Strode, will continue to oversee product development from the company’s office in Sydney, Australia, Invoice2go says.
Today more than 100,000 customers worldwide use the Invoice2go apps to send more than $50 million in invoicing every day, the company says. The Invoice2go app is currently available in 11 languages: English, French, Spanish, Portuguese, German, Dutch, Danish, Finnish, Swedish, Italian and Thai.
“Small businesses globally are increasingly on the go and looking for mobile productivity apps to improve their operations and make their lives easier,” says Accel partner Ryan Sweeney, who will join Invoice2Go’s board of directors. “We see a similar opportunity for Invoice2Go to make mobile invoicing as easy as Dropbox has done for file sharing.”
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