KPMG to cash in on tech fundraising boom via stake in venture capital advisor
KPMG is seeking to capitalise on the UK’s booming technology startup ecosystem by acquiring a 50 per cent stake in venture capital fundraising advisor Acceleris.
The Big Four accountancy firm is hoping to cash in on the booming market for tech startup fundraising by teaming up with the tech-focused venture capital firm.
The deal, which will be subject to Financial Conduct Authority (FCA) approval, will lead to the formation of KPMG Acceleris, according to Sky News.
The new entity will offer fundraising and advisory services to fast-growing technology and life-sciences companies in the UK and elsewhere.
KPMG Acceleris is also planning to jump on the ESG bandwagon, by targeting ESG focused startups and entrepreneurs.
Speaking to Sky News, KPMG UK chief executive Jon Holt, said: “Fast-growing companies are the heartbeat of the UK economy, but access to funding remains a big barrier for entrepreneurs trying to grow their businesses.”
“By partnering with Acceleris we will enable companies to unlock the finance they need, and help them navigate what remains a volatile operating environment,” the KPMG chief said.
The auditor’s push to capitalise on the startup ecosystem comes amid growing calls for a major shakeup of the Big Four, in line with growing concerns about conflicts of interest in the world’s major accountancy firms.
Since its launch in 2000, Acceleris has completed more than 60 successful fundraising rounds and has raised more than £150m in venture capital.
Jonathan Boyers, a KPMG UK partner and head of its corporate finance division, told Sky News: “The number one issue for most start-ups, particularly in the tech and life sciences sectors, is the need to raise funding.”
“The UK’s VC market has seen a rapid increase in the number of early-stage businesses successfully raising money to grow in recent years, along with interest from investors looking to deploy capital in quality companies.”
“However, fundraising is still a challenge, and the need for stronger infrastructure to better support those looking to take their businesses to the next level remains.”