Translucent raises £5m in seed funding co-led by Chalfen Ventures and LocalGlobe to expand its accounting platform
The seed round was co-led by Chalfen Ventures and LocalGlobe to fund further product development.
Translucent is an accounting platform that unifies financial data and workflows for multi-entity and multinational businesses. The company integrates with existing software to provide a single financial system of record.
Translucent has secured £5m in a seed funding round co-led by Chalfen Ventures and LocalGlobe. The fresh capital arrives less than six months after the company closed a £2.7m pre-seed round, lifting its total funding to £7.7m.
Founded in London by Dext co-founder Michael Wood, Translucent addresses the fragmented data challenges faced by modern multinational businesses. The platform sits atop existing software such as Xero, QuickBooks and Sage, allowing finance teams to harmonise records across multiple entities.
The company will direct the proceeds towards developing further applications, including intercompany transactions, business intelligence analytics, and financial close tools, as it looks to meet surging demand for its platform.
From the founder
"Since announcing Translucent in March we have been delighted by the volume of interest we have received. This fundraising allows us to further build out our platform and solve the accounting and finance problems faced by multi-entity businesses."
Michael Wood
CEO at Translucent
Investor perspective
"Translucent’s insight is that unified accounting data can be the basis of financial and operational insight for every multi-entity business. Michael is the best entrepreneur in the world to build a business based on this insight. And the opportunity to create a compound startup that drives insight for multi-entity businesses is huge; so joining the Translucent family fits perfectly into my mission of backing software startups whose technology will fundamentally alter the way companies operate."
Mike Chalfen
Founder, Chalfen Ventures
Use of funds
- 01Continue product development
Investors
Categories
About the company
Translucent
Translucent provides an accounting platform that solves financial management problems for multi-entity businesses.