Automated accounting solutions provider Outmin has announced it will double its headcount in the next 12 months after raising €1.5m from Middlegame Ventures, Fuel Ventures, KellySan Enterprises Ltd, and several strategic angel investors.

The funding will support product rollout, expansion into new markets and company growth, with the company set to increase the size of its workforce to 48 over the next year.

Outmin offers SaaS-based accounting, bookkeeping and CFO services through its platform, which is now used by more than 150 SMEs and has seen client growth of 260% over the past year.

The platform provides businesses with an accountant, bookkeeper and accounting software that uses AI and cloud technology, and aims to eliminate the need for multiple employees and software packages.

The integrated service is set up to handle payroll and expenses management, tax returns, and compliance filings, and Dublin-based Outmin said that some clients had made savings of €100,000 per year.

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Speaking about the raise, David Kelleher, co-founder and CRO of Outmin, said: "Many industries are facing financial uncertainty.

"SMEs are among the first to feel the strain and cutting costs, streamlining in-house administration and gaining valuable business insights can be paramount during these periods.

"This fundraise will enable us to help more and more small businesses get quicker and better data about their business to inform their decision making in these uncertain times."

Ross Hunt, CEO and co-founder, added: "As a company, Outmin has more than doubled in size over the last year and with this funding we plan to do so again within 12 months as we grow internationally.

"We are excited to continue to build our technology with the investment, enabling more businesses to get faster, better and cheaper results from their finance function thanks to our hands free accounting solution."

In addition to accelerating the development of its technology and doubling its headcount, Outmin also plans to open a UK office by the end of next year.

"Outmin is changing the game for SMEs by making the accounting and bookkeeping process straightforward and simple, using cutting-edge AI technology," said Ellen McCance, MGV venture partner 

"We are excited to partner with Ross, David and the Outmin team who have adopted a truly customer-centric approach to solving a pain point that is endemic across the SME segment. The platform allows SME leadership to focus on running the business, while Outmin takes the headaches out of the finances.”

The latest available accounts for Outmin Ltd show the company made a loss of €191,000 in 2020, its first year of trading.