Latest news with #FeargalORourke
Finextra
5 days ago
- Business
- Finextra
AI bookkeeping platform Outmin raises €4 million
Outmin, an intelligent bookkeeping start-up that automates financial data production and eliminates manual data entry, today announced a €4 million raise led by Praetura Ventures via its Praetura EIS Growth Fund and NPIF II – Praetura Equity Finance, which is managed by Praetura as part of the Northern Powerhouse Investment Fund II. 0 The company also confirmed the appointment of Feargal O'Rourke, current IDA Chairman and former Managing Partner of PwC Ireland, as Chairman of the Board. The raise will enable Outmin to accelerate engineering hires, deepen AI capabilities, and scale delivery for a growing base of accounting firm partners, focused on margin improvement, efficiency, and modernising the core bookkeeping model. Additionally, the funding will enable Outmin to broaden its international reach, particularly in the North West of England, where it already has an emerging presence. "This funding marks an exciting new phase for Outmin," said Ross Hunt, CEO and Founder of Outmin. "It will enable us to continue our growth in Ireland and expand our presence in the UK, especially in the North West which is a hotbed of activity. It's about delivering a real system that changes how firms operate. With Feargal's experience and leadership, we're more equipped than ever to bring automated bookkeeping to more businesses and help accounting firms navigate the future of bookkeeping and finance." Feargal O'Rourke brings a unique perspective from decades at the forefront of the global accounting profession. His appointment signals Outmin's commitment to solving long-standing challenges in the industry, including talent shortages, inefficiencies, and succession risks. "Outmin is building something accounting firms truly need," said O'Rourke. "It's not a short-term fix, it's a foundational shift. The team understands where the gaps are in the current model, and they're delivering a system that helps firms scale and focus their people on higher-value work." Outmin's AI Bookkeeper automates key financial workflows, including document collection, invoice processing, reconciliation, and reporting. It combines automation with expert oversight to deliver accurate, up-to-date books, without growing headcount. According to Outmin, more than 350 businesses utilise the platform, and they have established partnerships with 11 accounting practices. Businesses report saving more than 200 hours annually on bookkeeping, while some partner firms report as much as €10,000 in additional revenue per client onboarded to Outmin by reallocating existing staff to higher-value tasks. "Every accounting firm is facing pressure to do more with less," said David Kelleher, Co-Founder and Chief Revenue Officer at Outmin. "The future belongs to firms that invest in better systems, not just people. We're already partnered with forward-thinking firms like Nexio, who are providing valuable insights to help us optimise our product and create something that gives accounting practices a real competitive advantage." Outmin is headquartered in Dublin and currently supports accounting firms across Ireland and the UK.
Irish Times
6 days ago
- Business
- Irish Times
Dublin-based accounting platform Outmin raises €4m
Dublin-headquartered accounting software company Outmin has raised €4 million in a funding round that will help it to strengthen its engineering team and deepen its AI capabilities. The company has also appointed former PwC Ireland managing partner Feargal O'Rourke as chairman of its board. Founded by David Kelleher and Ross Hunt, Outmin provides outsourced accounting and bookkeeping services, using artificial intelligence to provide clients with real-time financial data. The current funding round, which was led by Praetura Ventures, will allow the company to build on that and broaden its international reach, particularly in England. READ MORE 'This funding marks an exciting new phase for Outmin,' said Ross Hunt, chief executive and founder of Outmin. 'It will enable us to continue our growth in Ireland and expand our presence in the UK, especially in the North West which is a hotbed of activity. It's about delivering a real system that changes how firms operate.' The appointment of Mr O'Rourke, who is currently chairman of IDA Ireland, to the board will bring decades of experience in the accounting industry to the company. 'Outmin is building something accounting firms truly need,' said O'Rourke. 'It's not a short-term fix, it's a foundational shift. The team understands where the gaps are in the current model, and they're delivering a system that helps firms scale and focus their people on higher-value work.' More than 350 businesses currently use Outmin's AI Bookkeeper platform, which automates workflows such as document collection, invoice processing, reconciliation, and reporting. 'Every accounting firm is facing pressure to do more with less,' said David Kelleher, co-founder and chief revenue officer at Outmin. 'The future belongs to firms that invest in better systems, not just people. We're already partnered with forward-thinking firms like Nexio, who are providing valuable insights to help us optimise our product and create something that gives accounting practices a real competitive advantage.'
