PwC has been revealed as the sponsor of Seedcamp, a London-based accelerator and investment fund for fast-growth enterprises and startups.
By offering support services to start-ups from the pre-seed and seed capital stage, the Big Four firm says it is “seeking to find businesses that will become the major players of tomorrow”.
The move comes on the heels of the firm’s cloud software initiative for SMEs, My Financepartner, and suggests that PwC and other large accountancy firms have woken up to the entrepreneurial upsurge taking place around the UK.
PwC said it will be offering My Financepartner to this September’s Seedcamp intake.
Among some of the most recent companies selected through Seedcamp is Wriggle - a Bristol-based company connecting users with unsold spaces at local food, drink and entertainment businesses at a discounted price. The startup was also semi-finalist in The Pitch, Britain's biggest small business competition which took place last month.
Tony Price, PwC partner with responsibility for My Financepartner, said: “If early-stage companies are intending to grow fast, they need to get on top of issues such as cash burn rates, R&D tax credit support and statutory reporting. Later they’ll need support to secure further funding rounds and to plan for headcount growth.
“My Financepartner helps smaller companies manage their financial affairs from the beginning, and represents PwC’s increasing commitment to fast growth, IP-rich firms, especially those in the technology sector,” Price said.
Reshma Sohoni, partner and co-founder of Seedcamp, added that good financial management and reporting was essential to later funding rounds.
“We are proud to announce our Autumn cohort of Seedcamp companies, and excited to see the launch of My Financepartner which really has the startup stage in mind. It's a great step by PwC to create a targeted offering and we're pleased to welcome them as partners,” Sohoni said.
Do you think the Big Four accounting firms will be able to move into startup support territory like this and take over?