Brightpearl wins $5m in series A investment
Brightpearl, the online accountancy business, has secured $5m in series A funding from investors Eden Ventures and Notion Capital to drive the next phase of growth.
Founded in 2007 by Chris Tanner, Brightpearl provides online accountancy and CRM software for small businesses.
The new investment follows a year of rapid growth by Brightpearl, which tripled both its customer acquisition and monthly revenues in less than a year after successfully launching in the US.
Brightpearl says that the new investment will enable it to expand faster in the US and other markets. It also plans to further develop its cloud-based solutions for small and medium sized businesses.
Salman Malik, chief executive officer of Brightpearl , said: “The last year has seen explosive growth for Brightpearl as more and more businesses see the value in moving to our cloud-based solution. Our inbound leads have sky-rocketed to unprecedented levels.
“To accommodate this growth, we have moved to larger offices and expanded the number of datacentres running Brightpearl worldwide. We also have some major distribution deals in the pipeline so 2011 looks to be a pretty exciting year for the business.”
Chris Tottman, partner at Notion Capital added: “We were very confident in our investment in Brightpearl from the start. It has a great product backed up by a very strong team. Brightpearl is a fantastic example of a British company succeeding and growing internationally, especially when you consider that the company is just four years old.
“There is real momentum now to solidify its presence in the UK and expand further into new markets. We are really happy with the progress the Brightpearl team has made over the last year – the first steps on what I expect will be an incredibly successful journey.”