FreeAgent raises angel round

Times may be tough but FreeAgentCentral has raised an angel round that values the company at a tidy sum. As a former shareholder I’ve known about this for quite some period as Ed needed to speak with me as he closed out the deal. Although I am no longer associated with the company I’m proud of what these folk have achieved in such a short period of time.

In a disconnected sort of way, I feel justified in supporting the saas/on-demand model the last three years. It’s step one and now the hard work starts.

I’m particularly pleased about the partnership angle. FreeAgent is working directly with professionals rather than throwing software over the wall and hoping that something will stick. I’ve been convinced that true partnerships can work because the risk is shared as are the rewards.

TechCrunch UK got the story first. This is what they said:

Founder and CEO Ed Molyneux says Freeagent is seeing more people come from Word and Excel than other competitors, though there is competition from Kashflow.co.uk, also UK-based, and xero.com in New Zealand. He says people are now leaving paid employment and expect more than being handed a spreadsheet by their accountant.

This makes an awful lot of sense to me and should have the likes of Sage and Microsoft on the back foot. Cloud apps like FreeAgent Central are the kind of thing that will lead to a death by a thousand cuts for the incumbents in this business.

Kind words.

Tagged as: Ed Molyneux, freeagentcentral, TechCrunch