OMERS Ventures and Charles River Ventures have invested a combined $5 million in Wave Accounting Inc., an online accounting application developer, as part of Wave’s Series A financing round.
“OMERS Ventures is pleased to continue its association with Wave,” says Peter Carrescia, managing director with OMERS Ventures, who participated in Wave’s seed financing round in spring 2011. “The company’s traction in less than a year gives us tremendous confidence in Wave’s future growth—not just in North America but globally.”
Wave is the developer of a free online accounting application for small businesses. Currently, almost 75,000 small businesses in 198 countries have signed up since its launch less than a year ago. Wave’s revenue comes from targeted advertising and group-buying opportunities.
Wave also plans to launch a complementary payroll application later this year.