Bookkeeping and accounting software startup Countingup closed a £9.1m Series A investment round led by Framework Venture Partners.
The round also had participation from Gresham House Ventures, Sage and existing investors. The funding will be used to push product growth and team expansion.
Commenting on the plans ahead, Countingup CEO Tim Fouracre said, “This funding round is helping fuel our product roadmap, including the launch of our digital tax filing service, which aims to be a huge help to small businesses as new Making Tax Digital regulations come into effect from April 2023.”
With the aim to aid small-business owners save time and efficiently manage their business admin, the startup offers users a business current account with built-in accounting software that automates bookkeeping and tax tasks. In addition, its 34,000 customers can share accurate, real-time bookkeeping data with their accountants therefore eliminating the woes of re-authorisation requests, data lags and inaccuracies.
Highlighting how automating business admin has become increasingly relevant, founding partner of Framework Venture Partners Peter Misek said, “No entrepreneur ever says “Can’t wait to do my bookkeeping! Can’t wait to do my taxes!†By using Countingup, all the drudgery of a small business vanishes. We believe Countingup can free the United Kingdom’s small business from this one inevitable fact of life and bring a little happiness back.â€
This round comes months after the firm secured £4m in a bridge round led by ING Ventures with co-investment from Triple Point, CVentures and BiG Start Ventures.
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