Accounting software startup Practice Ignition raises $5 million as it “doubles down” on growth

Accounting software startup Practice Ignition has raised $5 million in a Series A funding round from a “phenomenal” set of investors as the business sets its sights on an ambitious growth plan.

Practice Ignition provides an automated, cloud-based Software-as-a-Service platform that allows accountants to glean more data about their clients.

Chief executive Guy Pearson co-founded the business with designer Dane Thomas in 2011 after coming up with the idea on the back of a beer mat. Starting the business was the easy part for seasoned former accountant Pearson, but he says growing it was another thing altogether.

“The running of the company didn’t scare me, but growing it and building the product resulted in a lot of lessons learned,” Pearson told StartupSmart.

“I was always tech minded, so I thought building a product would be simple, but it’s a completely different beast.

“It’s like building a car you can’t drive for a year-and-a-half, and then trying to find someone to pay you upfront for that car.”

Despite the learning curve, Practice Ignition has continued to attract investors, after locking in $2.2 million in seed funding in 2014 and 2015.

The Series A funding round was led by Microequities Venture Fund and included contributions from Black Sheep Capital and Right Click Capital, plus existing individual investors, MYOB co-founder Craig Winkler and TechnologyOne founder Adrian Di Marco. Read more

Dominic Powell - Smart Company - 2 Jun 2017