Outmin, a platform for automated accounting solutions with its headquarters in Dublin, has raised €1.5 million in funding. With involvement from Fuel Ventures, KellySan Enterprises Ltd., and several strategic angel investors, Middlegame Ventures—which had previously funded &Open and Conjura—led the investment.
Outmin will be able to use this funding to speed up the development of its cutting-edge technology and satisfy the need for providing SMEs with an unmatched solution that enhances company information while reducing the amount of time they must spend on financial administration. With the establishment of a UK office and ambitions to treble headcount by the end of next year, it also represents a critical turning point in Outmin’s rapid geographic expansion.
David Kelleher, co-founder, and chief revenue officer of Outmin, commented on the rise: “Many companies are dealing with financial uncertainties. SMEs are among the first to feel the strain, and during these times, saving money, optimizing internal processes, and getting insightful company data can all be crucial.”
He added, “With the money we raise, we will be able to assist more and more small businesses in getting better and more timely information on their operations to guide their decision-making during these uncertain times.”
Outmin’s CEO and co-founder, Ross Hunt, continued: “With this finance and our plans to expand internationally within a year, our startup has more than doubled in size over the past year. With the funding, we’re eager to keep developing our technology and help more companies use our hands-free accounting solution to receive their financial results sooner, better, AND cheaper.
Ellen McCance, a partner at MGV Ventures, offers the following insight on the investment: “Outmin is changing the game for SMEs by making the accounting and bookkeeping process easy and uncomplicated utilizing cutting-edge AI technology.”
“We are thrilled to collaborate with Ross, David, and the Outmin team, who have taken a genuinely customer-centric strategy to address a widespread pain point in the SME market. The platform frees up SME management to concentrate on running the company while Outmin handles the financial concerns.”
In Dublin in 2020, David Kelleher and Ross Hunt created Outmin. With an initial focus on Ireland and the UK, it provides small businesses with bookkeeping, accounting, financial, and tax services. Combining software and a staff of finance specialists, these services are offered.
By integrating company data from numerous sources, standardizing it, and producing clear, actionable data points for SME owners, and operators, Outmin enables business owners to make quick, data-driven choices. Small businesses now have a new perspective that allows them to concentrate on their customers’ experiences and products rather than worrying about bookkeeping and administrative tasks.
Outmin’s platform, which combines professional services with automation and offers user-friendly technology backed by human knowledge and experience, is presently being used by over 150 clients.
The comprehensive service takes care of everything from payroll and spending management to tax returns and compliance filings by utilizing AI and cloud technologies, freeing enterprises to concentrate on what’s best for the business. It assists companies in reducing administrative load, enhancing the accuracy of their financial data, and drastically lowering prices; some clients have already saved up to €100k annually by utilizing the service.
Image Credit: Outmin
