Practice Ignition, Australia-based commerce and client engagement startup offering professional services to enterprises, has secured US$ 50 million in a Series C funding round led by JMI Equity on 17 November 2021.
Investors: The latest funding round featured JMI Equity as the lead investor with participation from Tiger Global Management, Equity Venture Partners, Black Sheep Capital and Craig Winkler. The startup has managed to raise US$ 75 million, in total, to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards expanding globally in North America, Europe, APAC, Africa and the Middle East with a prime focus on the US through its tactical collaborations with Thomson Reuters, Gusto and Intuit.
About Practice Ignition
Brought to existence in 2013 by Guy Pearson and Dane Thomas, Practice Ignition was developed initially to assist bookkeepers and accountants become efficient, and optimise client connections. However, with the advent of the pandemic, Practice Ignition has begun offering digitised professional services. It also links leading applications to automate time-consuming activities like client invoicing or on-boarding and operate enterprises on autopilot. In 2021, the client earnings made by the platform increased nearly two times. The company aims to develop a new research and development team in Toronto to provide a foundation for the firm’s customer expansion and innovation aspirations in North America.
What the Founder has to say: “With the wake of the digital revolution, many bookkeepers and accountants have to change their business functions swiftly and practices to become completely digital. With the shift of accounting from tax compliance to advisory, this implies that the necessity to provide high-quality and engaging customer intercourse through technology is vital for boosting profitability, closing deals and attracting and retaining clients.”- Guy Pearson, Co-Founder and CEO of Practice Ignition.
What the Investor has to say: “We have been flattered by the power of Practice Ignition’s offering, the engaging and trustworthy customer base and the tremendous potential for growth and expansion internationally. As an emerging player in the broader professional services and accounting space, Practice Ignition’s approach towards innovation is unequalled in the sector. It is thrilling to join hands with Practice Ignition, as it commences its next stage of global expansion.”- Sureel Sheth, Principal at JMI Equity.
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