Geniac raises 30 million euros to free entrepreneurs from red tape

by bold-lichterman

The amount

Geniac, a British start-up that develops software cloud B2B, has just reached an agreement with Grant Thornton, a firm specializing in accounting and auditing, which will invest 22 million pounds (30.9 million euros). The young company had already completed a previous seed funding round a year ago.

The concept

Founded in 2014 by Eduardo Martinez and Michael Galvin, two former Accenture consultants, Geniac develops software for small and medium-sized businesses. These relate to accounting – with a solution that connects directly with the accounts of certain partner banks – the preparation of annual accounts or the management of taxes and duties.

But beyond these financial solutions, Geniac also offers tools for day-to-day management, particularly in terms of human resources. It can be the management of payroll, benefits, relations with the HMRC (the equivalent of URSSAF in the United Kingdom) with reminders for deadlines … The platform also integrates recruitments, employment contracts. hiring or even internal promotions, with the possibility of obtaining, for example, a real-time simulation of the financial impact.

The company markets its software as services hosted in the cloud in the form of monthly subscriptions whose prices vary according to the size and needs of the client companies.

The market

When you are a business creator (…), distraction is the last thing you need. Many entrepreneurs do not know what is necessary to start and run a business, and resort to individual specialists, which is time consuming and expensive (…). We created Geniac to integrate all the specialists and tools that a growing business needs, giving business owners complete visibility, peace of mind and time to get back to what they love to do.”Said Eduardo Martinez.

With these new funds, Geniac hopes to accelerate in the next 12 months. However, the company has to rely on many competitors who also offer solutions for the administrative management of companies. In the USA, Zenefits for example offers solutions in cloud for the management of payroll, social benefits, stock options or even professional mutuals.

Founders: Eduardo Martinez and Michael Galvin

Creation: 2014

The head office : London

Market : cloud software for business management

Funding: 22 million pounds (July 2015)

Photo credit: Fotolia, royalty-free stock images, vectors and videos