Dublin start-up Outmin raises €1.5m for accounting tech

Based in Dogpatch Labs, Outmin said it will use the latest investment to double its headcount to 48 over the next year.

Irish fintech Outmin has raised €1.5m in fresh funding to boost its automated accounting technology and expand into new markets.

On a mission to make it easier to start and operate a small business anywhere in the world, Outmin offers bookkeeping, accounting, finance and tax services to small businesses in Ireland and the UK.

Founded in 2020 by David Kelleher and Ross Hunt, Outmin’s services are provided as a combination of software and a staffed team of finance professionals. The recent SiliconRepublic.com Start-up of the Week is headquartered in Dublin’s Dogpatch Labs.

Kelleher, who serves as the start-up’s chief revenue officer, said that the latest funding will enable Outmin to help more small businesses “get quicker and better data about their business to inform their decision making in these uncertain times”.

Currently, more than 150 SMEs are signed up to the service.

“Many industries are facing financial uncertainty,” Kelleher added. “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.”

The funding round was led by Middlegame Ventures. Other backers included Fuel Ventures, Kellysan Enterprises and several strategic angel investors.

Late last year, Outmin secured investment from Enterprise Ireland along with experienced angels, and revealed plans to grow its team.

Hunt, who is Outmin’s CEO, said that the company has more than doubled in size over the last year. It now plans to double the headcount again within the next year – bringing Outmin’s total number of employees to 48.

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“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,” said Hunt.

Speaking to SiliconRepublic.com in August, Kelleher noted that hiring in the current market is a challenge for growing start-ups in Ireland, which are “competing for talent with the multinationals”.

“I think more could be done to support Irish start-ups in attracting talent, as if they can’t do that they’ll struggle to grow,” he said.

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