Accountancy funding platform Capitalise has closed a £3.5m Series A investment round led by US venture capital firm QED Investors and supported by existing investor Hambro Perks.
Capitalise, which works with 105 institutional partners, will use the funding to expand the company’s cloud product for advisers to “navigate the ever growing market of financial products for SMEs”.
The firm has achieved a compound annual growth rate of 234 per cent and has partnered with firms including Armstrong Watson, Farnell Clarke and PFK International.
Co-founder and chief executive Paul Surtees said: “A revolution is occurring within the accounting industry, as automation from cloud technology is allowing for accountants to diversify their revenue streams and support SMEs in areas which previously would have fallen outside of their remit.”
George Davies, partner at venture firm Hambro Perks which backs UK technology firms, said: “We have long been believers in their vision of a platform that empowers accountants and SMEs, and gives them access to a broad range of finance options to best meet their needs.”
Yusuf Ozdalga, the head of QED’s London office, said: “We are very excited to partner with Capitalise in the next stage of their growth story.
“We believe that the accounting and advisor community plays a crucial role in helping the small and medium sized businesses in the UK that are so crucial for a growing and dynamic economy.
“Capitalise’s unique platform helps accountants better serve and help their clients by demystifying and streamlining the funding process, and bolsters their position as trusted advisors.”