21 Apr 2015

Tech firm raises $1m from investors

11:31 am on 21 April 2015

A technology firm which aims to make life easier for accountants says it has just raised about $1 million from investors.

Common Ledger is a web tool that gives accountants access to clients' financial information in one place.

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Photo: Common Ledger

The Wellington-based company was set up in 2013, and its product was launched late last year.

A co-founder, Carlos Chambers, said one of the new investors includes Ian Frame, the former chief executive of Rangatira Investments.

"An added advantage of the investors we've chosen is that they have a specific global focus, which aligns with our goals for the business," said Mr Chambers.

Carlos Chambers

Carlos Chambers Photo: Common Ledger

He said the capital would be used to fund development.

"We've had really strong traction in growth from New Zealand and more recently Australian firms.

"We've got 11 accounting firms onboard, such as Grant Thornton."

Mr Chambers said the focus of this year was more sales.

"We are launching a programme in Australia shortly and we'll be working with some exciting firms over there," he added.

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