Heralds the first exit for NAB’s Venture fund, three years after fund launch
Wave Financial Inc. (Wave), the accounting, invoicing and receipt-tracking software company is set to be acquired in an AU$583 million deal by accounting and tax-prep firm H&R Block.
In 2017, NAB Ventures led the AU$32 million Series D funding round which included the Royal Bank of Canada (RBC), Silicon Valley venture firms CRV and Social Capital, global funds OurCrowd and Harbourvest, as well as Canadian investors OMERS Ventures, BDC IT Venture Fund, BDC Capital and Portag3.
For NAB Ventures, this is the first exit for the AU$100 million fund and comes just two years after the initial equity investment in Wave, which is set to be one of the largest tech venture exits in Canada since 2001.
Managing Director, NAB Ventures, Melissa Widner noted: “It’s been a privilege to work with CEO and Co-Founder Kirk, Peter and the team. This successful outcome is the result of over a decade of exceptional work and tenacity from the entire Wave team. NAB Ventures is delighted to have such a successful exit so early in our fund.” Melissa also served as a Wave board observer.
NAB’s Executive General Manager, Digital and Innovation, Jonathan Davey said: “We are thrilled with the signing of this agreement. Wave is a leading global accounting platform for micro-businesses used by over 400,000 small businesses globally. Their success was built on the company’s ability to understand the needs of small business owners and to service them accordingly. This ‘early’ exit really speaks to the quality of the product offering and we couldn’t be more pleased with the outcome.”
When the deal closes, Wave will operate as an independent subsidiary from H&R Block with current CEO Kirk Simpson.
About Wave Financial
Wave Financial Inc. (waveapps.com) provides software solutions and related services specifically designed to help small business owners manage their finances. Wave provides award-winning accounting, invoicing, payroll, and payments software solutions, as well as bookkeeping services, built into a comprehensive platform. Over 400,000 small businesses in more than 200 countries rely on Wave to improve profitability, ease stress and save time.
Wave has won numerous awards for growth, innovation and company culture, including Deloitte Fast 50, Deloitte North American Fast 500, KPMG Fintech 100, CB Insights Fintech 250, Canadian Innovation Awards (Financial Services), Canada’s Best Workplaces and many more.