London-based accountancy and financial management platform Translucent has raised a pre-seed round of £2.7 million.
The round was led by LocalGlobe and includes angel investors Gary Turner and Craig Walker (both from Xero) who have both joined Translucent’s board of directors, and founders from GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc and KashFlow.
“Michael has already built one of the leading cloud accounting solutions in Dext, we think the opportunity with Translucent is to build something even bigger!" says Remus Brett, LocalGlobe VC referring to the impressive exit Translucent's founder and CEO Michael Wood having co-founded Dext which HG paid £12.6 million in 2021 for majority stake in the business.
Translucent simplifies accounting for multinational and multi-entity businesses allowing them to unify financial data and workflows by layering on top of existing accounting software, such as Xero, Quickbooks and Sage.
“Xero, and others, have transformed accounting for single entity businesses, but from my own experience, I know the problems that multi-entity businesses face. Translucent will enable businesses to consolidate their multiple entities, and the software attached to each, to create a single system of record. We are thrilled to have the backing of LocalGlobe and so many notable angels to turn Translucent into a global company," says Wood.