Tokyo-based cloud startup Freee announced today that it has raised 270 million yen (approximately $2.7 million) in a series A funding from Infinity Venture Partners and DCM. This follows the previous seed round where the company secured seed funding of 50 million yen (about $523,000) from DCM back in December. Coinciding with this new funding, the startup rebranded its company name to Freee from CFO K.K., coinciding with the name of its accounting service.
At the time of its launch back in March, CEO Daisuke Sasaki stated his goal of acquiring at least 10,000 users in its first year. Surprisingly it is way ahead of that pace, acquiring 6,500 users in the last four and half months, 1.7 times faster than expected. The startup originally planned series A funding for the end of this year but moved up its timeline to accelerate service expansion and user growth.
With these new funds, the startup is expecting to hire additional staff and intensify its system development. According to Mr. Sasaki, their users have given them a lot of feedback, and they have been adding features and refining user interface based on those responses. He believes these efforts have helped them acquire many new users, and now his first priority is to form a responsive team.
The company has three key topics that it will focus on moving forward: opening up to third-party services, easing collaborative work, and providing a better user experience. They plan to introduce an API that encourages third-party developers to connect with its platform, which should help the platform in terms of its collaborative capabilities. To improve user experience, they are expecting to introduce a native app for tablet devices to allow users to record and sort out their revenue and expenses regardless of where they are.
Some of our readers may recall that the company previously won the top prize at the Infinity Ventures Summit back in May, a conference hosted by Japan’s Infinity Ventures Partners. We’ve seen more than a few outstanding financial apps in the Japanese startup scene, and Freee can be considered to be among the best of them.