Adelaide – Accodex Partners, the cloud-based freelance accounting platform, today announced a successful round of capital raising, all in aide to its effort to expand in the United States. The company received $500,000 in capital to further its ongoing expansion efforts.
Accodex is a cloud-based platform allowing freelance accountants to manage a wide range of accounting tasks. The company previously concluded a successful round of fundraising in August of 2015, during which time it secured $180,000 (AUD).
This funding effort, which commenced in January, used Practice Ignition, the cloud-based accounting proposal app, to tender an investment memorandum and proposal to qualified investors. Within the Web portal generated by Practice Ignition, investors were able to learn about Accodex Partners and the reasoning for its capital raising efforts. When an investor opted to commit his or her capital, they were able to do so directly from the Web portal.
“I had a brain wave one day,” Accodex Partners’ Chris Hooper recently stated, “that we could create an online information memorandum and then use Practice Ignition to generate all the contracts and collect payment. In doing so we will massively cut down the time to process the round and reduce the overall round size. Considering we opened [the investor portal]1 February and are closing 29 February, I would say it's mission accomplished.”
Accodex Partners was established in 1997 as Cirillo Computer Accounting. In 2011, the business saw stewardship pass from Giulio Cirillo to Markus Cirillo before the introduction of Hooper as a partner later that year. The resulting business is now known as Cirillo Hooper & Company. In 2014, Mike Wilczynski joined the practice, signalling an overhaul that led the company to doing business as Accodex Partners.
Founded in 2011 by Dane Thomas and Guy Pearson, Sydney-based Practice Ignition is a Software-as-a-Service application addressing the needs of accountancies, providing them with CRM, invoicing, and proposal management via a single online dashboard.