Karbon provides a cloud-based practice management and workflow platform that centralizes planning, client work, and communication for accounting firms. Founded in 2014, its software targets legacy desktop workflow solutions and supports distributed, remote teams. The company reported active users doubled in 2020 after the pandemic-driven shift to work-from-home. Karbon recently secured a $5 million credit facility from CIBC Innovation Banking and announced a strategic growth investment from Five Elms Capital; Blackbird Ventures is listed as an equity investor. The company plans to use the facility to support hiring and further invest in its product set to become the premium cloud-based workflow solution for accountants. Karbon will grow teams across the US, Canada, Australia, New Zealand and the UK and currently has employees across the USA with offices in New Zealand, the UK and Australia. Karbon offers a cloud-based Software-as-a-Service platform aimed at modernizing accounting workflows largely dominated by desktop solutions. The company is run by Australian founder Stuart McLeod and is based in San Francisco. Karbon says it raised $7 million and plans to direct the funds toward product development. The startup intends to capitalise on the collapse of MYOB’s planned acquisition of Reckon’s accounting business (APS) to capture a market opportunity in Australia. The financing included converted notes from prior funding rounds and investments from Karbon executives alongside the lead investor. Karbon positions itself as a modern alternative to legacy desktop accounting tools in the Australian market.

Total raised

$12M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Aug 2021