Pixie raises £2m to grow practice workflow visionby
After two years in the market, cloud practice management challenger Pixie is primed for a new phase of growth after raising £2.2m from a group of influential investors.
When Pixie launched in 2019, it was part of a new generation of online practice management specialists that included Senta (now part of IRIS), AccountancyManager and Glide.
But during the summer, founder and chief executive officer Celso Pinto started sounding out potential investors about backing his expansion plan for the company, which included a new of looking at small firm automation challenges.
The formal funding round led by Triple Point Ventures, with the participation of Seedcamp and MMC Ventures also attracted individual angel investors including Duane Jackson (Kashflow, Staffology), Will Neale and Chris Adelsbach who came up with £2.2m to fund the developer's expansion.
“Having spoken with a few thousand accountants at this stage, what they do to manage deadlines and clients is really hard. But what makes it harder is the technology they use,” said Pinto.
“A lot of practice systems have evolved in a direction that makes it hard for small firms to implement and the integrations are often superficial. We go beyond making data in this system match that system. We embed a bit of the user experience from one app within the workflow of the practice management application – for example with the integration with BTCSoftware we’re demonstrating at AccountingWEB Live Expo.”
The Pixie vision is based on a workflow integration platform that allows accountants to pick best in class apps to work with, but with the advantages of a more traditional software suite, he claimed.
The investors he approached, including KashFlow and Staffology founder Duane Jackson (now an executive with IRIS), responded to Pinto’s vision.
“They don’t just invest in accountancy technology, but in fintech, where accountants have been a go to market channel for many products. Like us they thought there’s an opportunity to do something really special for our target customers, accountants,” said Pinto.
Some of the funds raised will be to flesh out the product strategy, but the new backers were also attracted by Pixie’s ambition to operate on a global level. “We already have traction in 12 countries. For them that was a really important validation point that our business is scalable and can meet the demands of accountants everywhere in the world,” he said.
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AccountingWEB’s Editor at large has been with the site since 1999, rising from news editor to editor in chief, global editor and head of insight. As a roving editor, he continues to investigate the profession's use of technology around the world. He devotes his spare time to technology history and an oddball collection of stringed instruments...