Australian accounting firm Practice Ignition pockets $650K in seed funding
Australia-based accounting software maker Practice Ignition has raised $650,000 in seed financing. Investors in the said round include MYOB co-founder Graig Winkler, according to Business Spectator.
New Zealand-based software development firm Trineo and Xero payroll vice president Stuart McLeod also contributed to the seed round, the report added.
According to Winkler, his reason for investing in Practice Ignition was the accounting industry's shift towards the cloud: "Accountants have so much value to add to their clients, and Practice Ignition allows them to focus on doing just that instead of being bogged down in admin."
Practice Ignition said the new capital would allow the firm to pursue international expansion and beef up its client base. Right now, the company has around 400 customers across 20 countries, the report detailed.
Founder Guy Pearson said: "The funding will see our development team more than double in size and allows for some key hires in marketing and business development."
Practice Ignition has recently released the second edition of its cloud-based accounting software. The new platform will now allow accountants to streamline their communication with customers to cut costs, Business Spectator reported.