Sequoia Capital has led a second round of funding for Outright, provider of a free and drop-dead simple online bookkeeping service, investing $5 million in the fledgling company together with returning backers First Round Capital, Shasta Ventures and SoftTech VC.
Outright (formerly called GoBootstrap) launched its online bookkeeping app in public beta earlier this year after raising $2 million in seed funding from undisclosed angel investors and the VC firms that have now joined this second financing round alongside Sequoia.
Outright wants to make it easier for small businesses and self-employed individuals to keep track all of their income and expenses in order to get their taxes done accurately (it was designed for the United States tax system).
The service is currently free to all customers and will remain so, although the company aims to introduce a number of paid options and fee-based services at some point in the future.
(Via peHUB)