MyWorkpapers, the rapidly-growing cloud-based platform used by accountants to manage and complete a wide range of client work, has secured £3.4 million in Series A fundraising from Percipient Capital to accelerate its sales growth and product innovation.
Self-funded to date, the MyWorkpapers platform is used by accountancy firms of all sizes in the United Kingdom and Australia – including members of the Big Four.
Rich Neal, CEO at MyWorkpapers, started the business in April 2009, with the company launching a beta product to market in 2010.
Since then, MyWorkpapers has evolved to become the market leading cloud-based platform to help accountants manage and complete their workpaper files for monthly and quarterly management accounts, year-end accounts and audits.
The business recently signed a licencing agreement with DATEV eG in Germany for mainland Europe.
Rich Neal said: “We combine the benefits of a collaboration-based workflow management system and the structured and systematised production of digital workpapers that support the financial statement outputs that all accountants do.
“The success of our Series A fundraising is a strong vote of confidence in our service and our business model and we are looking forward to getting underway with accelerating our product innovation plans and our sales growth.
“The support from Quantuma and the team at Percipient Capital has been invaluable.”
Ed Farquhar of Percipient Capital added: “MyWorkpapers has developed a highly scalable platform that gives accounting firms a robust, compliant and highly efficient platform for their client engagements. It improves efficiencies and systemises their practice.
“We see a great domestic and global opportunity for MyWorkpapers, which Rich has proven by signing up Datev and the subscription revenue growth he has achieved in the UK.”
Mark Lucas, Partner at Quantuma assisted by Director, Fardeen Nariman, provided corporate finance support to MyWorkpapers throughout the fundraising.
Mark Lucas said: “MyWorkpapers has quickly grown to become a leading cloud-based software platform for accountants.
“Rich’s vision of creating and developing a pioneering, market-leading product has been realised. The backing of Percipient Capital will enable the business to focus on sales growth and accelerating product innovation.
“Percipient is the ideal strategic partner for MyWorkpapers, and Fardeen and I wish Rich and the team all the best for the future.”
Dated: 27th January 2020