Dublin accountancy software company Big Red Cloud has raised €2.5m in capital from alternative SME lender DunPort Capital, an Irish-owned and managed asset management company focused on the private debt asset class.
The agreement, which was put in place by the AIB corporate finance team, also allows for a further €1.5m to be extended if required.
Big Red Cloud, which was founded in 2010, has more than 75,000 customers across the UK and Ireland, and has been experiencing double-digit growth for the past four years.
The company began as a pure-play accountancy software company, Big Red Book, before evolving to cloud technology in 2012 in a move that enabled it to transform its technology that helps small businesses, their accountants and bookkeepers to manage their accounts in the cloud.
“We are committed to keeping pace with industry developments and, as such, have plans to align further with banks as there is a growing convergence between banking and accounting,” Big Red Cloud CEO Marc O’Dwyer explained.
“This is helping to make the day-to-day bookkeeping process easier for business owners by synchronising transactions, giving better access to credit and helping with cashflow.”
O’Dwyer said that the company plans to add another seven people to the team in the next 12 months and to further increase the workforce in the following 12 months.
“We have targeted rapid growth to achieve 100,000 customers and [are] also exploring opportunities overseas, namely in Malta and possibly the UK, once Brexit has come to a conclusion. We will also consider acquisitions should the right opportunity come up.”
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