Practice Ignition adds A$26 million to fuel next phase of growth in accounting innovation

September 18th, 2019 by Millie Flynn 2 minutes, 35 seconds read

Practice Ignition is pleased to announce our A$26 million raise led by Tiger Global Management.

This Series B raise will enable us to continue building a product that solves acute challenges faced by accountants and bookkeepers when engaging and managing client relationships. To provide our customers with one source of truth in their practice, we’ll kick our innovation arm into high gear and focus on bubbling up the right data for a flexible, more personalised platform. We’re about to accelerate our hiring to establish deeper relationships in each region of our global customer base, and to engineer new value into our cloud software.

Since 2013, Practice Ignition has been transforming the way accountants and bookkeepers run their businesses. We’re currently helping more than 2,500 accounting and bookkeeping firms manage over 125,000 engagements every month. Our customers use Practice Ignition to create a ‘smart’ proposal in minutes, which includes an in-built electronic signature and a secure payment gateway to guarantee payment is on time, every time.

CEO and co-founder, Guy Pearson, says the funding will be used to keep up with global customer growth and to expand the team.

"Our business has seen rapid global expansion; we now service over 1500 firms in Australia and another 1500 firms across the globe. To keep up with this global growth, our team has doubled from 30 to 60 people, since 2017. 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.”

Co-founder and Head of Product, Dane Thomas, explains that helping our customers save time and money will be at the heart of future enhancements.

“The innovation arm of our business is about to kick into high gear as we look to further assist accountants and bookkeepers solve their critical challenges in connecting with clients. We plan to bring some exciting enhancements to the platform that will further help them serve clients whilst saving time and money."

Based out of New York, Tiger Global Management, who have backed the most unicorn companies worldwide (startups that have reached a billion dollar valuation), are eager to see what Practice Ignition can achieve.

“We see an enormous opportunity for the Practice Ignition platform to help transform the global accounting and bookkeeping industry as these enterprises move to the cloud.” Jason Lenga, Tiger Global Management.

This round also has the support of other investors including Right Click Capital and MYOB co-founder and Xero Board member, Craig Winkler.

Practice Ignition is now fuelled up for the next phase of transformation in cloud accounting. We’ll continue to scout talent and accelerate our hiring globally so we can bring new innovation to life.

“We’re building a transformational company that changes the fabric of how services companies can run their business. The biggest benefit of the platform is giving back time spent by accountants and bookkeepers running their businesses to instead focus on their clients’ needs.” Guy Pearson.

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