Translucent, a financial management startup, has successfully raised £5 million ($6.3m) in a seed funding round to support its innovative accounting data unification platform.
Introduced in 2022, Translucent addresses the needs of multi-entity businesses by providing a centralized digital space for consolidating financial data and streamlining workflows.
The platform is designed to integrate seamlessly with existing accounting software, including popular options like Xero, QuickBooks, and Sage. This integration enables companies to manage their financial operations more efficiently, especially in the context of the globalized business landscape and the challenges brought about by the Covid-19 pandemic.
The rise of globalization and the pandemic have prompted many businesses to expand across borders, resulting in the need for these entities to operate across various geographical locations. Translucent’s platform aims to mitigate the complications that arise from fragmented data storage in multiple locations, helping businesses maintain better financial oversight.
Michael Wood, Founder and CEO of Translucent, emphasized that the recent funding will facilitate the expansion of their platform, ultimately addressing the intricate accounting and financial issues faced by multi-entity businesses.
Chalfen Ventures and LocalGlobe jointly led the funding round. LocalGlobe, a venture capital firm with notable investments in companies like Wise, Zoopla, and Improbable, recognized the genuine demand for Translucent’s solution among multinational businesses. Remus Brett, General Partner at LocalGlobe, expressed confidence in the platform’s ability to solve real-world challenges for an ever-increasing number of enterprises.
Mike Chalfen of Chalfen Ventures highlighted the pivotal role of unified accounting data in providing comprehensive financial and operational insights for multi-entity businesses. This insight-driven approach can empower these organizations to make informed decisions and optimize their operations effectively.
Notably, this seed funding success comes within just six months of Translucent’s pre-seed funding round, which secured £2.7 million. The rapid accumulation of funding underscores the strong interest and confidence in Translucent’s solution for improving financial management for multi-entity businesses.