Wave Accounting closes $5MM from CRV & OMERS

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Looks like US VCs are continuing to look at deals in Canada. Wave Accounting announced a $5MM Series A led by Charles River Ventures (CRV) with follow on participation from OMERS Ventures. It is great to see Devdutt Yellurkar (LinkedIn) looking north of the border. Devdutt has an amazing track record at CRV and previously at Rho Ventures, Sterling Commerce and Yantra Corporation. Guessing based on the press release that Devdutt will join Peter Carrescia (LinkedIn, @pcarrescia) from OMERS Ventures on the Wave Accounting board.

Great news for startups, we’ve now seen Matrix Partners (TribeHR), Union Square Ventures (Kik & Wattpad), CRV (Wave Accounting), Bessemer (Shopify), Freestyle/Greylock/Embracardo (GoInstant) and one other Sand Hill Road firm all make active early investments in Canada. This doesn’t include the Canadians that have raised during stays in the Valley during YCombinator and 500Startups – Vidyard, Upverter (True Ventures), BackType (True Ventures), Kiip (True Ventures), Rewardli (500Startups) and others.

This is great for Canadian entrepreneurs.

crv devdutt omersventures waveaccounting

Comments

13 responses to “Wave Accounting closes $5MM from CRV & OMERS”

October 14, 2011

Mark Organ

This is great news, fantastic investors investing in a very promising venture. Devdutt has put some money into Influitive and his involvement has really moved the meter for us.

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October 14, 2011

Roger Chabra

Congrats to Kirk and James from Wave and also Devdutt! Great story in the making.

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October 14, 2011

Hany Fahim

Congratulations to Kirk, James and the rest of the Wave team! This is huge.

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October 15, 2011

Chris sukornyk

Congrats guys. I’d also add Metamorphic(NY) to the list of active investors in Canada. They were early investors in both Tynt and Chango

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1. October 18, 2011
  
  Karamdeep Nijjar
  
  Panorama (Fixmo, Tynt, Bel-Air Networks) and FirstMark (Shopify, Status.net) too…
  
  Reply
October 15, 2011

Free online software accounting services | Accountkeeper

[…] Wave Accounting closes $5MM from CRV & OMERS (startupnorth.ca) […]

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October 15, 2011

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October 16, 2011

William Mougayar

Thank goodness for the US VC that are being more aggressive than the Canadian ones and picking the startup gems. We can expect to see more that trend.

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1. October 16, 2011
  
  Mark Organ
  
  Yeah William, you got that right. The best way to get a Canadian VC to invest is to get a US VC to invest, then the sheep will follow. At Eloqua we just skipped over the Canadian VCs as they were generally a waste of time and did three rounds from US VCs on both coasts. I have a feeling though that OMERS is confident enough in themselves and in the potential of Canadian startups to make their own bold calls.
  
  Reply
  1. October 16, 2011
    
    William Mougayar
    
    Re: your last statement,- that remains to be seen.
    
    Reply
October 17, 2011

Jim Rudnick

Wonderful news for all Canuck StartUps! the fact that US VCs are looking up here for investment is sterling! Thanks David for the headsup on this too!

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October 18, 2011

U.S Investors Digging the Canadian Startup Scene | Mark Evans Tech

[…] more, StartupNorth has a round-up of the U.S. […]

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October 24, 2011

devongall

Can’t forget the recent Enflick raise with Freestyle and Menlo.

http://techcrunch.com/2011/10/19/test-messaging-app-developer-enflick-raises-1m-from-freestyle-capital-lady-gaga-and-biebers-managers/

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