Overview
FreshBooks is a cloud accounting platform founded in 2003 in Toronto by Mike McDerment, Levi Cooperman, and Joe Sawada. The origin story is legendary: McDerment accidentally saved over an invoice and spent two weeks coding a replacement solution. The company has raised ~$160M including an $80.75M Series E in 2021, achieving a valuation over $1B.
Highlights
- Founder story: The “saved over invoice” origin that launched a billion-dollar company
- 2016 product rebuild: Complete platform rewrite for modern architecture
- Mobile-first design: AI for expense categorization and forecasting
- “4Es” philosophy: Execute Extraordinary Experiences Every Day, 10 Stevie Awards for customer service
- Target market: Self-employed professionals, freelancers, small service-based businesses (1-50 employees)
- Global reach: 30+ million users in 160+ countries
- Offices: Toronto, Mexico, Netherlands, Raleigh NC
- Use cases: Invoicing, time tracking, expense management, client management, project profitability
Founded
2003 in Toronto, Canada. Founded by Mike McDerment, Levi Cooperman, Joe Sawada.
Headquarters
Toronto, Canada.
Ownership and funding
Independent. Raised ~$160M including $80.75M Series E (2021); valuation over $1B.
Core technology
Cloud-based SaaS with a 2016 complete product rebuild. Mobile-first design; AI for expense categorization and forecasting.
Market position
Self-employed professionals, freelancers, small service-based businesses (1 to 50 employees); 30M+ users in 160+ countries.
Product philosophy
“4Es: Execute Extraordinary Experiences Every Day”, 10 Stevie Awards for customer service.