 In October 2011, a $5-million investment led by U.S. venture capital firm Charles River Ventures was announced.In May 2012, Wave Accounting closed its series B financing round led by The Social+Capital Partnership, with follow-on participation from Charles River Ventures and OMERS Ventures.Wave acquired a company called Small Payroll in November 2011, which was later launched as a payroll product called Wave Payroll.