Australia-based startup Practice Ignition this week announced that it landed a $50 million fresh funding. The Series C funding round was led by the US-based private equity firm JMI Equity, marking JMI’s first major investment in the Australian market, with participation from existing investors Tiger Global, EVP, and a number of strategic investors.
The company plans to use the proceeds to double down on growing its core key markets in North America, EMEA, and Asian regions. The new capital will be used to fuel its massive US market expansion through strategic partnerships with Thompson Reuters, Intuit, and Gusto.
Founded in 2013, and based in Sydney, Australia, Practice Ignition offers the world’s first client engagement and commerce platform for professional services businesses. This SaaS platform is all about maximizing engagement with the enablement of the modern accounting practice. Practice Ignition helps thousands of accountants, bookkeepers, and businesses, to modernize their accounting practice and create win-win relationships. The company’s product integrates payment systems, digital proposals, and automated workflows via leading business apps such as QuickBooks, Xero, and Gusto.
In addition to its main office in Sydney, Australia, Practice Ignition also maintains offices in Canada, the UK, the US, and New Zealand. Currently, the company has more than 1 million customers across six continents and over $2 billion of client revenue under management.
The Australian startup is on an ambitious path to reshape and revolutionize the professional services industry with its market-leading SaaS-based client engagement and commerce solution. The company has experienced tremendous growth since its inception in 2013, with almost doubling the client revenues under management in 2021.
Recently, the Australian firm announced a major partnership with cloud-based payroll platform Gusto to accelerate the adoption of People Advisory services and to provide thousands of accountants and bookkeepers with the best tools to run their businesses.
Last month, the company announced plans to establish a new R&D team in Toronto, Canada to focus on the North American market. This newly-announced R&D team will consist of new roles in product management and engineering. The main goal of this new R&D work is to support the company’s ongoing innovation and customer expansion programs in the North American region.