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Rounded raises Series A capital

SaaS accounting provider Rounded has successfully completed its Series A capital raising.

Rounded's point of difference is that its accounting package is aimed specifically at sole traders and freelancers, including participants in the gig economy. This gives it an addressable market of 4.1 million users in Australia.

The SaaS package — accessible via a Web browser or mobile app — includes quoting and invoicing, expenses, BAS and PAYG reporting, project time-tracking, profit and loss reports, and goal setting.

The capital raising is aimed at growing the business and increasing market share by adding to the product's functionality and conducting various marketing programs including a referral scheme.

The funding round was led and co-ordinated by SLM Corporate, which said the raising was completed by way of the issue of secured convertible notes to Australian sophisticated investors within its network.

A Rounded spokesperson told iTWire that it was contractually obliged to not disclose the amount raised or the post-investment valuation.

Chief operating officer and co-founder Oliver Garside said: “We are delighted our capital raising has attracted such interest, especially from larger and well-respected investors, who have recognised the significant shift, and resultant business opportunities, in the changing Australian work culture and gig economy.

"Like us, our investors have recognised the growth in subscription-based business solutions, especially among sole traders, who are attracted by the affordability and low overheads of SaaS software solutions, over large one-off expenses."

A significant development is the launch of Rounded's accountant portal, which allows customers to give their accountants access to their books. "The free accountant portal provides seamless sharing of data and information between users and their accountants, with the ability to grant either read-only or full editing rights," said Garside.

"We are also launching a marketing platform for Rounded connected accountants to advertise their services to the gig community."

Rounded's other co-founders are career freelance photographer, videographer and designer Grant McCall, Nick Beames (one of McCall's clients, and Rounded's chief executive and first angel investor), and chief engineer Igor Pantovic.


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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.


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