Irish startup Outmin has just secured a fresh investment of €1.5 million to enhance the financial processes of SMEs. Based in Dublin, the team aims to streamline accounting and is now planning to expand to new markets.
SMEs are celebrated as the bedrock of Europe’s economy. They’re a crucial part of keeping cash flowing and the economy ticking as they employ millions across the continent, provide essential services and create an entrepreneurial spirit and energy.
Despite this role they have in keeping Europe’s finances healthy, SMEs have a hard time managing their own accounts. Existing tools and processes don’t work efficiently for small, high-growth companies and SMEs are, as a result, required to spend a considerable amount of time and money (which is often in short supply) on professional services and solutions. These services and solutions aren’t even fixing the underlying friction points, and so, the problem just perpetuates.
Aiming to fix this, and put a stop to the cycle, is Outmin – a Dublin-based startup that’s just picked up fresh funding.
Outmin has just raised €1.5 million in a round led by Middlegame Ventures with participation by Fuel Ventures, KellySan Enterprises Ltd and several strategic angel investors
The cash will be used to enhance and develop its platform that aims to tackle the destruction and burden of financial admin for SMEs, giving business owners more time and resources to focus on growth.
Co-founder and CRO of Outmin, David Kelleher said: “Many industries are facing financial uncertainty. SMEs are among the first to feel the strain and cutting costs, streamlining in-house administration and gaining valuable business insights can be paramount during these periods. This fundraise will enable us to help more and more small businesses get quicker and better data about their business to inform their decision-making in these uncertain times.”
Founded in 2020, Outmin provides accounting, bookkeeping and CFO services to small businesses, particularly focusing on those in the tech and hospitality industries. The platform is powered by human expertise and leverages AI and cloud technology.
It comprises an integrated service that is capable of taking care of everything from payroll and expenses management to tax returns and compliance filings. In doing so, the startup claims to help businesses tackle the administrative burden, improve the quality of their financial data and dramatically reduce costs, with some clients already saving up to €100k a year by using the service.
The platform replaces existing processes, which have tended to involve costly finance hires, multiple software systems and an assortment of subscriptions and [ackges. Once onboarded, Outmin receives all the business’s data, eliminating the lengthy integration processes and giving business owners and operators the opportunity to focus on tasks that improve their product or customer experience.
MGV Venture Partner, Ellen McCance commented: “Outmin is changing the game for SMEs by making the accounting and bookkeeping process straightforward and simple, using cutting-edge AI technology. We are excited to partner with Ross, David and the Outmin team who have adopted a truly customer-centric approach to solving a pain point that is endemic across the SME segment. The platform allows SME leadership to focus on running the business, while Outmin takes the headaches out of the finances.”
This recent injection of investment will enable Outmin to accelerate the development of its platform and meet global demand for SaaS-based accounting solutions.
Ross Hunt, CEO and co-founder, added: “As a company, Outmin has more than doubled in size over the last year and with this funding we plan to do so again within 12 months as we grow internationally. We are excited to continue to build our technology with the investment, enabling more businesses to get faster, better AND cheaper results from their finance function thanks to our hands-free accounting solution.”