Dublin-headquartered Outmin, an automated accounting solutions platform, has raised €1.5 million in funding. The investment was led by Middlegame Ventures (which backed &Open and Conjura), with participation from Fuel Ventures, KellySan Enterprises Ltd and several strategic angel investors.
Plans to open office in UK
This investment will enable Outmin to accelerate development of its cutting-edge technology and meet global demand to provide SMEs with a peerless service that improves business information, saving time on their financial admin. It also marks a significant milestone in Outmin’s rapid geographical expansion with the opening of a UK office and plans to double headcount by the end of next year.
Speaking about the raise, co-founder and CRO of Outmin, David Kelleher said: “Many industries are facing financial uncertainty. SMEs are among the first to feel the strain and cutting costs, streamlining in-house administration and gaining valuable business insights can be paramount during these periods. This fundraise will enable us to help more and more small businesses get quicker and better data about their business to inform their decision making in these uncertain times.”
Ross Hunt, CEO and co-founder, added: “As a company, Outmin has more than doubled in size over the last year and with this funding we plan to do so again within 12 months as we grow internationally. We are excited to continue to build our technology with the investment, enabling more businesses to get faster, better AND cheaper results from their finance function thanks to our hands free accounting solution.”
MGV Venture Partner, Ellen McCance shares her thoughts on the investment: “Outmin is changing the game for SMEs by making the accounting and bookkeeping process straightforward and simple, using cutting edge AI technology. We are excited to partner with Ross, David and the Outmin team who have adopted a truly customer-centric approach to solving a pain point that is endemic across the SME segment. The platform allows SME leadership to focus on running the business, while Outmin takes the headaches out of the finances.”
Provides automated accounting services
Outmin was founded by David Kelleher, and Ross Hunt in 2020 in Dublin. It offers bookkeeping, accounting, finance and tax services to small businesses with an initial focus on Ireland and the UK. These services are provided as a combination of software and a staffed team of finance professionals.
Outmin enables business owners to make rapid, data driven decisions by ingesting company data from various sources and standardised it, generating clear, actionable data points for SME owners and operators. It is a paradigm shift for small businesses that enables them to focus on their customer experience and product without worrying about finance and admin chores.
Outmin has over 150 clients currently using its platform, offering a unique approach combining professional services with automation, providing easy-to-use technology powered by human expertise and experience.
By leveraging AI and cloud technology, the integrated service takes care of everything from payroll and expenses management, to tax returns and compliance filings meaning businesses can focus on what’s best for the business. It helps businesses tackle the administrative burden, improve the quality of their financial data and dramatically reduce costs, with some clients already saving up to €100k a year by using the service.
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