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Change: offered +21% / raised +22% / placed 99%
|XDATA – January 26th 2016|
|Wave‘s $5.22 million equity financing round increased by 21% to cap at $6.33 million. One new investor bought $1.14 million worth of securities since the company last released data a month and a half ago. This brings to $6.29 million the amount raised from the three backers who subscribed to the offering. The private placement’s expected net proceeds will amount to $6.03 million, excluding $300,000 paid in brokerage fees by the company. The subscription is structured to close once the 1% left is fully subscribed or in about a year at the latest. The company closed six unregistered private placements which raised an estimated $37.38 million.
The company is registered in a foreign jurisdiction which indicates the amount offered reported may only represent the portion of the placement allocated to 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, Mamoon Hamid and Peter Misek.
The company has raised an estimated total of $43.67 million via private unregistered security offerings.
Wave is registered under the name Wave Accounting.
Status: Intermediary close
Industry: Other Technology
Amount offered: $6.33 million
Amount placed: $6.29 million
SEC filing: Source
First sale: 11-18-2015
Data as of: 01-26-2016