KashFlow Raises Further Funding.
Thursday, 5th July 2007 - For Immediate Release
Former Secretary of State, Rt. Hon. Lord Young of Graffham, has agreed to a second round of VC funding for leading UK based online accounting-software company, KashFlow.Press Room
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Chairman:
The Rt Hon Lord Young of Graffham
Founder & Managing Director:
Duane Jackson
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One of the UK’s leading accounting software development companies has announced that it has now agreed a second round of capital funding from the The Rt. Hon. Lord Young of Graffham, former Executive Chairman of Cable & Wireless Plc and Sec of State of Trade and Industry.
Since KashFlow received its first round of funding in January 2006 the company has tripled it’s turnover and customer base. The second round of funding will enable the KashFlow management team to achieve further market penetration in its target market of small-to-medium-sized-enterprises as well as strengthening its ‘direct to accountants’ division that launched in late 2006.
The unique way in which the company prioritises and develops additional functionality, by asking users to choose what they want to see happen first, will also benefit from the funding as more programming and development employees are to be taken on to service demand.
Speaking about agreeing to the second round of funding Lord Young commented, “KashFlow has come a long way since I first invested in early 2006 and this is evident from the larger customer base, increased profits and the fact it is now seen as a real player in the industry”.
He continued, “The product has matured a lot over the past 18 months – going from an innovative bookkeeping product to a fully featured accounting platform. The company has a strong managing director in Duane Jackson and I’ve no doubt he has the vision, skills and ability to drive the business forward”.
KashFlow launched it’s flagship product, an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005. Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct to accountant division in late 2006..
Duane Jackson, founder and Managing Director of KashFlow commented, “This has been a phenomenal few years both for KashFlow and myself and the second round of funding will ensure that we can facilitate and enable the growth plans we have in place”.
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