AccountsIQ, a cloud-based accounting platform, has raised €60 million (about $64 million) in a Series C funding round anchored by business-to-business (B2B) software-as-a-service (SaaS) growth equity fund Axiom Equity.
The investment is set to bolster AccountsIQ’s product development, enabling the firm to integrate advancements in artificial intelligence (AI) across its solutions and shape the future of the finance function.
The Dublin-based company plans to use the new capital to strengthen its position as a leading international financial management system (FMS).
The funding will facilitate an expansion of its team, aiming to more than double its workforce to over 200 employees in the coming years, and enhance its AI capabilities to deliver greater value to its diverse customer base, according to the announcement.
“We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning,” said Martin Wygas, founding partner at Axiom Equity. He added:
The deep understanding of their customer base and forward-thinking vision deeply resonated with our team. Recognising the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.
Founded in 2004, AccountsIQ provides cloud-based accounting software, implementation, and support services for medium-sized companies and non-profit organisations.
The platform offers automated processes, group accounting features, and advanced business intelligence to support digital transformation for finance leaders.
“Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level,” said Tony Connolly, founder and CEO of AccountsIQ. He stressed:
This investment comes at a perfect inflection point for our offering, allowing us to leverage AI tools into practical, easy-to-adopt services for our user base, making finance team roles more flexible, valuable, less repetitive, and indeed more interesting.
AccountsIQ aims to continue delivering innovative solutions that enhance productivity and streamline finance operations for its growing customer base.
