Outmin raises €1.5 million to scale accounting solution

Irish accountant SaaS platform Outmin has raised €1.5 million which will see the Dublin-based firm scale operations two-fold in the next year, including a UK office. 

The funding was led by Middlegame Ventures, with participation by Fuel Ventures, Kellysan Enterprises Ltd and some angel investment. 

With accounting automation aimed at SMEs looking for a streamlined finance department, the platform uses AI and cloud technology to eliminate the need for multiple roles. It allows the user to complete all accounting tasks from payroll to tax returns and compliance. 

"Many industries are facing financial uncertainty. SMEs are among the first to feel the strain and cutting costs, streamlining in-house administration and gaining valuable business insights can be paramount during these periods. This fundraise will enable us to help more and more small businesses get quicker and better data about their business to inform their decision making in these uncertain times,” said co-founder and CRO of Outmin, David Kelleher.

Outmin claims some clients are ‘already saving up to €100k a year by using the service’. 

"As a company, Outmin has more than doubled in size over the last year and with this funding we plan to do so again within 12 months as we grow internationally. We are excited to continue to build our technology with the investment, enabling more businesses to get faster, better AND cheaper results from their finance function thanks to our hands free accounting solution,” said CEO and co-founder Ross Hunt.

Outmin has 150 SMEs already signed up to the service, the funding will allow for more growth as the company plans to double its headcount to 48 in the next twelve months. 

"Outmin is changing the game for SMEs by making the accounting and bookkeeping process straightforward and simple, using cutting edge AI technology.  We are excited to partner with Ross, David and the Outmin team who have adopted a truly customer-centric approach to solving a pain point that is endemic across the SME segment. The platform allows SME leadership to focus on running the business, while Outmin takes the headaches out of the finances,” said Ellen McCance, partner at Middlegame Ventures.