Australian startup Invoice2Go scores $35m first round funding

Australian online invoicing startup Invoice2Go has scored a bumper first funding round, raising US$35 million in financing from Accel Partners and Ribbit Capital.

Australian online invoicing startup Invoice2Go is opening up shop in the Californian tech hub Palo Alto after securing US$35 million in its very first funding round.

The company, which provides a mobile platform that helps small businesses to manage cash flow through invoicing, expense tracking and operational tools, received its funding boost from Accel Partners and Ribbit Capital.

Invoice2Go has appointed Greg Waldorf, CEO-in-Residence at Accel Partners, as its new CEO, who will be based at its Palo Alto office. Invoice2go founder Chris Strode will remain in Sydney to lead product development.

The Sydney-headquartered company, which Strode built it up primarily from his original base on the New South Wales Central Coast, looks set to be in good hands, with Accel Partners claiming a track record of successfully backing local talent. Invoice2go is Accel's fourth major Australian investment, alongside Atlassian, 99designs and Ozforex.

Micky Malka, founder of Ribbit Capital, said the organisation has had its eye on Invoice2go for some time, keeping an eye on its emerging success for years.

"We have been tracking the success of Invoice2go for several years now. It has huge potential as an industry disruptor and we look forward to partnering with Chris and Greg on the next stage of growth," said Malka.

The company claims, by its own estimation, that its app is the top-selling mobile invoicing app in the Apple Store, with more than 100,000 customers worldwide, sending more than AU$50 million worth of invoices daily, and more than AU$10 billion of invoicing volume annually.

Given Invoice2Go's progress thus far, Accel partner Ryan Sweeney, believes the company still has plenty of unclaimed potential.

"Small businesses globally are increasingly on the go and looking for mobile productivity apps to improve their operations and make their lives easier. We see a similar opportunity for Invoice2Go to make mobile invoicing as easy as Dropbox has done for file sharing," said Sweeney, who will join Invoice2go's board of directors.

The funding round comes as online accounting rivals MYOB and Xero engage in an increasingly visible battle for marketshare in Australia, New Zealand, and futher afield, with the Australian incumbent, MYOB, spending up big on research and development in a bid to build out its cloud-based services portfolio.