Award-winning cash flow service Float has today announced the completion of its £1.5m seed round led by Marchmont Ventures.
The deal follows the formation of a new C-Suite team last year and is the first time that Float has accepted venture capital investment.
The funds will enable the company to open a new office in Australia, capitalise on the growth of the cash flow forecasting sector it created, and perfect its forecasting solution for the needs of modern accounting firms.
Float, which works with Xero, QuickBooks Online and FreeAgent, specialises in a highly accurate cash flow forecasting and budgeting solution for small to medium-sized businesses and accounting firms.
It is trusted by thousands of businesses worldwide that need to know their cash status in real-time, to facilitate reporting, decision making and planning. It also helps users understand the financial impact of business decisions via its “what-if scenarios” tool.
“Cash flow management is critical to the survival and success of SMEs, and it remains the number one issue keeping business owners awake at night,” said Float co-founder and CEO, Colin Hewitt.
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“We’ve seen a huge increase in demand with businesses looking for solutions to manage and forecast cash flow. As such, we’ve raised the funding required to grow our team and expand both locally and internationally. This demand is coming from the shift from desktop and paper-based systems to digital bookkeeping and Cloud accounting solutions. Accounting firms are now able to move beyond compliance work and offer additional advisory services,” he added.
“Our mission is to help businesses make better financial decisions. Offering accountants new ways to improve their advisory services helps them to add value and boost revenues.”
“We are building an ecosystem of exciting growing companies like Float,” added Alan Martin, Managing Director of Marchmont Ventures.
“We are keen to work with businesses aligned with our values, who are able to grow fast but in a way that’s sustainable in the long term too. In that regard, Float is a perfect fit. We were struck immediately by the global market opportunity for digital accounting services, cash flow in particular, and have been really impressed by the Float product, which their users genuinely love.”