Dublin-based Outmin, an automated accounting and bookkeeping platform start-up, has raised €2 million in a round led by Fuel Ventures with follow-on funding from existing investors including MiddleGame Ventures and KellySan Enterprises Ltd.
The SME champion is also excited about its new hire Jane Cummings, she joins the team as CTO from agritech firm Cainthus and as a previous PhD researcher at CERN. The appointment and funding see the accounting SaaS for 'unlock new levels of scale and break ground into new markets' as it makes a bid for UK and North America.
“We are thrilled to welcome Jane Cummings to Outmin as our new CTO. Jane's exceptional talent and experience, including her groundbreaking work at Cern and Cainthus, where she delivered one of the world's first commercialised always-on, open-environment computer vision systems, reaffirms our commitment to pushing the boundaries of innovation in finance and admin. We take pride in our ability to treat data differently from traditional accounting, allowing us to deliver faster, higher-quality information at an unprecedentedly low price point," says Ross Hunt co-founder and Chief Executive Officer of Outmin.
Outmin makes it easier to own and operate a SME anywhere in the world. It has 200 customers and is edging past €1.0M ARR ahead of schedule. Outmin multiplied its ARR three-fold in less than 12 Months with 318% growth in 2022 and a further 42% growth in Q1 2023.
“I’ve been incredibly impressed by Outmin’s journey over the past few years, from a disruptor in the accounting and bookkeeping space business to offering a full suite of Finance Department functions for businesses of all sizes. With current customers being early adopters of AI and Technology in this space, Outmin has been exceeding growth expectations showing the demand, efficacy and utility of the company’s services. A part of being able to handle such volumes of data as we predict is to responsibly increase the level of automation and A.I. on our platform. This is of course a very thrilling time to be applying such technology to the practice of accounting as it has not been done before and the technology is at such a place that we do not see a ceiling on its capabilities," says Cummings.
Latest funding brings Outmin's total funding, to date, to €4.1 million. It secured €1.5 million in a Seed funding led by Middlegame Ventures in October 2022.