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WAVE ACCOUNTING GETS FUNDING
Wave Accounting, a company in the new generation of online systems, has raised $1.5 million (Canadian) in its seed round of funding. Based in Toronto, the company received commitments led by OMERS through INKEF Capital, the venture capital investment alliance of pension funds OMERS (Canada) and ABP (the Netherlands). Scott Zanderbergen, former VP of product management at Sage North America, has joined Wave as VP of product marketing. His duties included developing a network of professional users, such as accountants and bookkeepers.
The company also named Stephen Dixon as VP of sales and business development. Dixon had managed business development at Deloitte's Technology, Media & Telecommunications Practice. Wave, founded in November, offers a free accounting application for businesses with nine or fewer employees. It claims to have signed up 20,000 small businesses in 162 countries in that time. Wave operates on a model that’s a similar to Intuit’s Mint.com. If its users buy services or products from participating supplies, then these organizations pay Wave. There are a number of online companies that have formed in the bookkeeping/accounting arena, including Xero Accounting and SalesOrder.com. So far, Wave is the only one to go for the free approach.
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