Online invoicing provider FastDue has closed a $5 million initial round of funding that will be shared with two other yet-to-be-announced Web-based applications.

The company targets small-and-midsized businesses, freelancers, independent contractors, and home-based businesses that need help tracking receivables and collecting outstanding invoices. The software includes features for collecting overdue accounts, drafting and executing legal and business agreements, approving expenses, and other administrative functions.

The $5 million in funding came from an unidentified angel investor. The company also anticipates receiving a second round of funding next quarter that will likely include the same angel investor along with two venture capital firms, according to spokesman Jack Dowd.

The ad-supported online software includes utilities for invoicing, past-due collections, expense reports, and legal and business agreements, such as non-disclosure agreements, residential leases, at will employment, and consulting agreements. The company also plans to add board meeting organizers, estimate and quote forms, an online timesheet and time keeper, and account payment tracking.

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