$66million to give accounting firms the practice management solution they deserve

Stuart McLeodCEO & Co-Founder, Karbon
Stuart's headshot. He's wearing a white collared shirt, has graying hair, and the background is a blurry green and brown tree.

For too long, the accounting industry has been underserved by technology vendors.

At Karbon, we have a duty to correct this by serving the global accounting industry in the best possible way we can.

This is at the top of our minds every time we think about who we want to work with. I don’t just mean our employees or our customers (even though we think about them extensively). We also think carefully about our investors, our stakeholders, and everyone involved with the business.

It is pivotal that we find like-minded people who share our values and who have the right experience to help us on our journey to serve our customers better.

Today, I am thrilled to announce that one of the most experienced, thoughtful and strategically-minded people I have ever met has led a Series B investment in Karbon of up to $66million. Dave Yuan’s investment through Tidemark brings B2B and vertical SaaS experience that will accelerate our journey towards giving the global accounting industry the solution that it deserves and needs.

I have watched the likes of Clio, LegalZoom, Toast, and Siteminder and I have seen the impact that Dave has had on those businesses. The Tidemark team will be Karbon’s X-factor, and I am truly humbled that we can attract such an amazing set of experienced people.

I am proud of our team and that we have put ourselves in a position where we are now the preeminent independent practice management solution in the accounting industry globally.

No other solution is as far along as Karbon. The vendors that have underserved the industry for years and years now have some real competition. And this funding and the resources that come with it put them squarely in our focus.

But most importantly, we could not be better-placed to deliver greater value to tens of thousands (and one day, hundreds of thousands) of accounting firms across the world, and make the lives of their owners, staff, and clients better.

If you are an accountant, I’m willing to bet that few things drive you more than helping your clients. You love seeing them become successful. You love going on the journey with them. And you deserve to be supported in that.

We want to give you that support through Karbon, and this funding will help make that possible.

It will allow us to double the size of our product team and accelerate the development of a Karbon solution that will ultimately provide a non-stop journey for accounting firms. Something you can use to manage the entire process from prospect and lead, to proposal, onboarding, scheduling, capacity planning, budgeting, time collection and capture, write-on/ write-off, invoicing and payment.

We will grow our customer success team so that we can continue providing hands-on support and implementation assistance to a growing customer base.

We will triple our sales team, open up new offices around the world, expand our languages into French and Spanish, serve new countries, and open up the Karbon experience to tens of thousands of new customers.

I can’t be more thankful of our staff who think about the customer journey every day, of Tidemark, and of Five Elms — who also participated in this round and who remain a pivotal partner in our future.

Above all, I am grateful for our customers and their support. This is about them. And I can’t wait for them to be impacted by the next stage of the Karbon journey.

Stuart McLeod
CEO & Co-Founder, Karbon

Stuart started his first business 11 years ago and has had many successful ventures, including Paycycle, founded in 2009, which he sold to Xero in 2011. He then built the global Xero Payroll team that delivers payroll software across the US, AU, UK and NZ markets. Stuart is now paving the way for smarter tools to improve how knowledge workers collaborate with their colleagues and look after their clients.

Stuart's headshot. He's wearing a white collared shirt, has graying hair, and the background is a blurry green and brown tree.

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