NAB Ventures leads US$24 million Series D round for Toronto cloud accounting startup Wave

National Australia Bank has led a US$24 (AU$32) million Series D round for Toronto-based cloud accounting startup Wave through its VC fund, NAB Ventures.

The round, which saw participation from Silicon Valley VC firms CRV and Social Capital, international VC’s OurCrowd and Harbourvest as well as a handful of Canadian investors, marks the fourth deal for the fund, following its launch last year.

NAB Ventures General Partner Melissa Widner, said the investment reflects NAB’s interest in investing in emerging technologies that help benefit the customer and provide them with a “connection experience”.

“We were impressed with how Wave’s offering gives entrepreneurs the tools they need to be successful, along with the fact their invoicing and accounting software are free with customers able to purchase additional financial services to suit their requirements as needed,” she said.

“We’re looking forward to working with Wave, which has developed an interesting approach to cloud software and financial services aimed at small businesses with under ten employees.”

Targeting startups and small businesses, Wave offers affordable accounting, invoicing and payroll software accessible through the cloud. The platform integrates with financial services such as lending and credit card processing and sports a ‘pay-as-you-go’ model, where businesses are charged per transaction, rather than a monthly subscription rate. Read more

James Ward - Startup daily - 30 May 2017