US venture capital firms have committed USD$35 million to a B2B startup from the Central Coast.
Invoice2go, a mobile invoicing app, has today announced the financing from Accel Partners and Ribbit Capital in its first ever round of funding.
The startup also announced it has appointed the former CEO of eHarmony as its new chief executive and will be opening an office in Silicon Valley.
Accel has a strong track record; past investments include Facebook, Dropbox and Spotify, as well as Australian success stories Atlassian, 99designs and Ozforex. Ribbit Capital specialises in distruptive financial technology.
Invoice2go has appointed Greg Waldorf, formerly CEO of eHarmony and the CEO-in-residence at Accel Partners, as the startup’s new CEO. The startup will open an office in Palo Alto, California, but Invoice2go founder Chris Strode will remain in Sydney to lead product development, the company said.
"Chris and the Australian team have done an incredible job building Invoice2go to become a market leader in mobile invoicing globally," said Waldorf.
"There is a tremendous market opportunity for this business and I'm thrilled to be coming on board at this point in the company's history."
Ribbit Capital founder Micky Malka said he had been tracking Invoice2go for several years.
“It has huge potential as an industry disruptor and we look forward to partnering with Chris and Greg on the next stage of growth,” Malka said.
Invoice2go is the top grossing invoicing app in the Apple App Store in Australia and 50 countries worldwide. It makes more than $10 billion in invoicing revenue annually and the app is used by 100,000 small businesses worldwide.
Strode described his Central Coast startup as a group of “quiet achievers” now ready for the next stage.
"With 100 million small businesses globally, there is enormous potential to scale Invoice2go,” he said. “Now, with significant investment on board, we are perfectly placed to make what is already a fantastic product even better.”