Edinburgh-based cloud accounting firm FreeAgent has closed a crowdfunding campaign on Seedrs and raised more than £1m, the parties have announced.

FreeAgent has won multiple awards for its suite of cloud accounting products for micro-businesses and freelancers. The latest funding round saw 700 investors contribute to the total target.

Since its launch in 2007, FreeAgent has grown into an established, highly-regarded technology innovator, with customers in 100 countries and more than 75 members of staff.

For the past two years the company has been ranked in the top 20 of the Deloitte Fast 50 – the annual rundown of the UK’s fastest-growing technology companies – as well as being named as “One to Watch” in the Sunday Times Tech Track 100.

The company’s co-founder and CEO Ed Molyneux said the team were “absolutely thrilled to have surpassed our target – and to have become one of a select group of UK businesses to have raised more than £1m through crowdfunding”.

“We chose this route because we wanted to make it easy for small business owners to invest in our business, and the fact that many of our new shareholders are customers who use and love FreeAgent really reinforces our decision,” he continued.

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