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Karbon announces $7 million raise


June 26, 2018

SAN FRANCISCO, CA — Karbon announced today it has raised $7 million USD. CEO and co-founder Stuart McLeod says the funding will help Karbon consolidate its position as a best-in-class practice management solution for medium and large accounting firms.

“The consensus is that there has been a genuine lack of innovation over the past 10-15 years by incumbents in the practice management software space. Karbon is perfectly positioned to help firms looking for a solution that is suited to the way they operate today.”

Karbon offers a modern cloud-based practice management solution in a market still dominated by legacy desktop-based products. Based in San Francisco, with more than 20 staff located in the US, Australia and New Zealand, Karbon is being used by accounting firms ranging in size from less than 10 staff, to top 20 firms in the world.

With more than 25 individual product updates in the last 12 months, including features such as email commenting and automatic client tasks, Karbon has forged a reputation as an innovative solution purpose-built to help accounting firms overcome common workflow challenges.

A recent customer survey found that the average staff member in firms using Karbon is saving 10.2 hours per week, while firms have been able to increase their revenue per employee by an average of 14%.

VP of Education and Partnerships, Ian Vacin, believes “Karbon is redefining the way accounting firms work,”and adds, “we are helping firms streamline and fine-tune their processes, which is helping them realizing incredible gains in efficiency. The firms who capitalize on the opportunities technology and other advancements give them will be rewarded significantly.”

The latest round of funding was led by Australian-based Blackbird Ventures, who have now contributed twice to Karbon’s $7 million cumulative raising total.

“Karbon was an attractive investment because it proposed a global solution to a traditionally fragmented, localized market,” says Partner Niki Scevak. "It’s a marathon effort to convince every accountant to adopt cloud-based practice management, but Karbon's founders are from the accounting market and know how to speak its language.”

The latest fundraising, which also includes Karbon executives and staff, converts notes from earlier rounds and means the company is now backed entirely with equity.

—END—

For more information contact

Ian Vacin

VP Education & Partnerships

ian@karbonhq.com

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