ARKK, a London-based SaaS company that helps automate processes of the finance function by replacing outdated tools with smart technology, has secured £7 million from its existing investor Mobeus.
How will the funding be used?
The funding will enable the company to accelerate its growth and for:sight platform and modules to meet growing demand from clients, including a significant number of FTSE 350 companies and accountancy firms.
What is for:sight platform?
The for:sight platform allows companies to move away from manual, error-prone data entry methods to seamlessly automate the end-to-end process, from data cleansing and verification to submission.
How ARKK was born?
Notably, ARKK began amid the 2009 financial crisis, when two IT architects from the corporate world had an idea that technology and automation could enhance the finance function.
As part of this financing, Mobeus has strengthened the Board through the addition of Graham Ridgeway as a Non-Executive Director, who will provide additional B2B software experience.
Richard Metcalfe, ARKK CEO, commented, “for:sight’s successful application to Making Tax Digital has driven growth to date. Strong demand for further functionality from our client base is propelling innovation and this additional funding from Mobeus will allow us to unlock that growth more quickly by overcoming the challenges faced by finance leaders.”
The Mobeus deal team comprised Matt Mead and Amaad Mahmood. Amaad added, “We’re incredibly excited to continue to back ARKK’s high-quality team, who have shown incredible resilience over COVID and grown the business across all segments, including a significant increase in recurring revenue.”