Small-business invoicing startup Invoice2go has grabbed $35 million in financing -- the first outside investment since the company's founding in Australia in 2002.
The new capital from Accel Partners, Ribbit Capital, and Waldorf is being used in part to move the company's headquarters from Sydney, Australia, to Palo Alto, California. Under the new setup, Invoice2go is now a U.S. company with an Australian subsidiary. Product development and engineering will remain in Sydney, directed by founder Chris Strode, while Palo Alto will handle marketing and growth.
The money will also be used to boost sales to freelancers in the U.S. and to expand the product into a global business beyond English-speaking markets. Along with translation and marketing, the expansion will require localization to regulatory requirements. "In Brazil, companies have to be licensed for the invoicing process," CEO Greg Waldorf told VentureBeat.
The cloud-based invoicing service has more than 100,000 business users worldwide, thanks to its emphasis on simplicity and a mobile version, introduced in 2009, that the company says is now the top-grossing business app in more than 50 countries.