AccountsIQ has raised €60 million in a Series C investment from Axiom Equity (Axiom). Axiom is focused on high-growth B2B SaaS vendors. Mainly based in the UK and Ireland with revenues of between £5 -£20m. Previous investments include Joblogic (March 2023, $73 million) and Akixi Feb 2022, seed investment (Source Tracxn).
Conceived in 2004, AccountsIQ accounting software (AIQ) now has 1,000 customers. It helps accounting teams to automate, collaborate and accelerate across accounting processes. The funding will be used to support further development of the solution. With a focus on embedding AI across the whole suite.
AIQ is a SaaS-based product that helps finance functions solve complex problems that other entry-level solutions, such as Sage 50 and Xero, don’t. Functionality includes multi-currency consolidation, multi-level approvals, third-party integrations, and automation of daily processes.
AccountsIQ intends to invest in the product and growth and will double its current team to over 200 people. The timescale for achieving this growth is underdetermined, with the company indicating it could take several years. That depends upon the revenue growth over the next few years. There is currently a single post available at AccountsIQ, but that may change over the coming weeks.
Tony Connolly, Founder and CEO of AccountsIQ said, “Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level. This investment comes at a perfect inflection point for our offering, to allow us leverage AI tools into practical, easy to adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”
Martin Wygas, Founding Partner of Axiom Equity, added, “We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning. The deep understanding of their customer base and forward-thinking vision deeply resonated with our team. Recognising the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.”
Enterprise Times: What does this mean
This is a significant amount of funding for Accounts IQ, reflecting Axiom’s belief that AccounstIQ is a horse to back. AccountsIQ is a solution by accountants for accountants. With a strong financial pedigree that reminds me of Sage Intacct and NetSuite in their early days, which were built on a solid accounting core. Those applications have now matured into fully blown ERP solutions. Leaving a gap in the market for businesses that want a pure accounting solution but have outgrown the SME solutions in the market.
What Connolly does next is key. He is sensible about the cautious approach to growth. Still, there will have to be some investment across R&D, Sales and Marketing in order to meet the expectations that Axiom undoubtedly has. Series C is all about growth. While AccountsIQ does have most of its people in both Eire and the UK, there are some in Europe. Is it also looking for international growth beyond the British Isles?
