Dafizeck Bin Daud · · 1 min readAustralia-based Practice Ignition raises $17.8m in Tiger Global-led round
Accountancy software solution developer Practice Ignition has raised AU$26 million (US$17.78 million) in a series B round led by Tiger Global Management.
Photo credit: vanmarciano
Right Click Capital and Craig Winkler, co-founder of MYOB and board member at accounting software platform Xero, also participated in the round.
“This latest injection of funding will be used to continue expanding our specialist team and focus on building deeper relationships with our rapidly expanding global customer base,” said Guy Pearson, co-founder and CEO of Practice Ignition. The company also plans to bring some enhancements to its platform.
Practice Ignition provides a cloud-based software solution for accountants and bookkeepers, allowing them to onboard clients, process payments, automatically raise invoices, and deploy workflow in connected third-party apps. The platform also integrates with cloud accounting software like Xero and Quickbooks.
The company claims to be serving over 3,000 firms in Australia and around the globe. It also said it has doubled its headcount from 30 to 60 since 2017 to support its global expansion.
In 2011, Pearson established Practice Ignition in Sydney when he realized there was a need in the market for a cloud-based software platform dedicated to accountancy.
Editing by Charmaine de Lazo
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