Wave Accounting Inc. has closed a $5 million Series A round of  financing led by Charles River Ventures (CRV) and with the participation of OMERS Ventures.  Wave intends to use funds for the continuous development of its free online accounting software for small businesses and marketing it internationally.

Wave eliminates manual data entry by importing transactions automatically from a users bank account or electronic statement, and then applies smart technology to make accounting fast and easy. Wave is 100% free for its customers, generating revenue by offering sophisticated, ultra-targeted advertising and group-buying opportunities. American Express, Dell and Grand amp; Toy are among several dozen advertising partners to date.

In May 2011, Wave Accounting closed a tranched $1.5 million seed financing with INKEF Capital, an investment joint venture funded by Stichting Pensioenfonds ABP (ABP) in the Netherlands and OMERS.

Tags: Financing