Practice management software developer Karbon has announced a new strategic investment that will help it support the strong growth it saw over 2020.
The $10 million in new funding comes from Five Elms Capital, which focuses on business-to-business software companies.
With its core audience of accounting firms forced to move online thanks to the coronavirus pandemic, Karbon doubled its number of active users over 2020, and now reports serving more than 1,600 firms.
“The funding will allow us to grow our teams in all departments across the U.S., Canada, Australia, New Zealand and the U.K.,” Karbon CEO and co-founder Stuart McLeod told Accounting Today. “Most importantly, we’ll be able to quickly expand our product and engineering teams, which will accelerate the development of our solution and bring forward planned product enhancements by months or even years.”
McLeod also noted that the funding will enable the Nevada-based company to set up its U.K. office, and Karbon recently appointed its first U.K. managing director, Miranda Kendell.
“The accounting industry has historically been hesitant to leverage new technology, but COVID and the emergence of a more technically savvy workforce is accelerating adoption,” said Joe Onofrio, managing director at Five Elms Capital, in a statement.
