Automated online accounting software provider freee announced that it received $8 million in Series B funding from DCM and Infinity Venture Partners, which the Japan-based company plans to use to expand their brand in the country’s small and medium business market.
Launched in March 2013 to liberate SMBs operating under the Japanese taxation system from time-consuming back-office tasks, freee’s product syncs with bank and credit card accounts to categorize income and spending items to automate bookkeeping.
With this funding, freee’s expansion plans include investing more in product development to add features covering more lines of back-office chores, and launching a payroll feature. The company also plans to reinforce customer support capabilities and accelerate marketing activities.
Used by more than 70,000 SMBs in Japan, the product is also available as iOS and Android apps.
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