Cloud-based accounting workpaper platform MyWorkpapers (MWP) has secured £3.4m in Series A funding from Percipient Capital.
The MWP platform, which is used by accountancy firms of all sizes across the UK, Europe and Australia - including members of the Big Four - to manage a wide range of client work, was established in 2009, with its first beta product brought to marked in 2010.
Since then, MWP has evolved to become the market-leading cloud-based platform to help accounting firms complete their client workpaper files for monthly and quarterly management accounts, year-end accounts and audits.
Self-funded since conception, MWP will use the £3.4m investment to accelerate its growth plans, while drive product innovation and development.
Mark Lucas, partner and Fardeen Nariman, director provided lead financial advice to MWP throughout the fundraising.
Mark Lucas, partner at Quantuma, said: “MWP has quickly grown to become a leading cloud-based software platform for accountants.
“Rich’s vision of creating and developing a pioneering product has been realised. The backing of Percipient Capital will enable the business to focus on sales growth and accelerating product innovation.
“Percipient is the ideal strategic partner for MWP, and Fardeen and I wish Rich and the team all the best for the future.”
Rich Neal, founder and CEO of MyWorkpapers, said: “We combine the benefits of a collaboration-based workflow management system and the structured and systematised production of digital workpapers that support the financial statement outputs that all accountants do.
“The success of our Series A fundraising is a strong vote of confidence in our service and our business model and we are looking forward to getting underway with accelerating our product innovation plans and our sales growth.
“The support from Quantuma and the team at Percipient Capital has been invaluable.”
MWP recently signed a licensing agreement with DATEV eG in Germany for mainland Europe.
Notes to Editors
Quantuma LLP is a leading business advisory firm which works with businesses at the key milestones, delivering partner led solutions to help clients take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. The business has 18 offices, including 15 in the UK, two international offices in Cyprus (Nicosia and Paphos) and one in Mauritius.