Translucent, an accounting platform built for multi-entity and multinational businesses, has raised a £5M ($6,357,225 USD) Seed round, led by LocalGlobe, Europe’s No. 1 seed investor, as well as backers of Wise and Zoopla. Chalfen Ventures also participated in the round.
Translucent was founded in 2022 in London by CEO Michael Wood, co-founder of Dext, (formerly Receipt Bank), which was acquired by leading software investor Hg in 2021 in one of Europe’s largest-ever SaaS acquisitions.
Currently, SME accounting systems are designed to hold the data of a single company in a single location. For multi-entity and multinational businesses, this results in fragmented, siloed and messy financial data.
Translucent enables businesses to continue to use the SMB solutions they currently use, but unifies their financial data into a single location where it can be seen, used and edited.
Translucent makes it possible for these businesses to take control and unify their financial data and workflows by layering on top of existing accounting software, such as Xero, Sage and QuickBooks.
Michael Wood, founder and CEO of Translucent, says, since announcing Translucent in March, it has been delighted by the volume of interest it has received. "This fundraising allows us to further build out our platform and solve the accounting and finance problems faced by multi-entity businesses.”
Translucent is being used by businesses around the world, from software companies to restaurant groups to property developers.
Translucent is backed by prominent angel investors, including co-founder and former CTO of Xero Craig Walker, and co-founder and former Managing Director of Xero UK, Gary Turner. Other backers include founders from fintech and accounting-tech leaders such as GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc and KashFlow.
Disclosures:
London-based Translucent, the accounting platform solves everyday finance problems of multi-entity businesses. It was founded by CEO Michael Wood, who had previously co-founded Dext, (formerly Receipt Bank) and launched in 2022.
LocalGlobe is founders’ best partner from seed to a great Series A and is EMEA’s most successful investor in unicorns at seed stage, having backed companies including At-Bay, Improbable, Motorway, TravelPerk and Zego. Companies from LocalGlobe’s portfolio and its sister fund Latitude have raised over $9.4bn of follow-on capital in the last 12 months, from some of the world’s best known investors. Profits and carry from all four funds are used to further the work of Phoenix Court Works, Phoenix Court’s foundation.
Chalfen Ventures is Mike Chalfen’s VC firm. It invests in software-driven businesses that can grow and dominate new and sometimes unusual markets. His solo practice frees Mike to collaborate closely with the entrepreneurs who choose to work with him. As well as his early investments in many unicorns such as Illumio, King.com, Snyk and Tipalti, in the last few years Mike has backed emerging winners like Bridebook, Lokalise, Reveal, and Tray.io, amongst many other incredibly ambitious startups.
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