Wave disclosed reaching its $5.22 million fundraising target

XDATA – December 3rd 2015
According to information filed with the SEC, two investors participated on November 18th to Wave‘s equity fundraising. The brokered private placement was fully subscribed and raised $5.22 million. The private placement’s expected net proceeds will amount to $4.92 million excluding $300,000 paid in brokerage fees by the company. A total of six unregistered securities offerings closed by the company raised an estimated $37.38 million.
The company is registered in a foreign jurisdiction indicating the amount offered reported may only represent the portion of the placement earmarked by the company for US investors.
Wave markets and develops free, cloud-based, integrated software and tools offered to small businesses. Modules include invoicing, accounting, payroll, and payments. Financial backers include Charles River Ventures, OMERS Ventures, and The Social+Capital Partnership.
The company, led by Kirk Simpson, is headquartered in Toronto Canada. Wave elected to keep its revenues undisclosed.
The executive team includes Rebecca Skvorc.
The board of directors includes Damien Steel, Devdutt Yellurkar, James Lochrie and Mamoon Hamid.

The company has raised an estimated total of $42.53 million via private unregistered security offerings.

Wave is registered under the name Wave Accounting.

Offering recap
Status: Completed
Company: Wave
Industry: Other Technology
Amount offered: $5.22 million
Amount placed: $5.15 million
SEC filing: Source
First sale: 11-18-2015
Data as of: 12-03-2015

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