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Crunch, a web-based accounting service backed up by real-world accountants, has raised a second investment from Bebo co-founder Paul Birch and former Skype chairman Michael van Swaaij.
We reported how the pair invested “hundreds of thousands of pounds” in to the start-up 12 months ago. Now spokespeople tell paidContent:uk they have put up another £500,000…
“The investment is for half-a-million pounds. Unlike other investments made to internet companies, the money isn’t going into supporting the day-to-day running costs of Crunch.co.uk.
“The company is well-run and very very close to break-even. The money is to be spent on new 4,000sqft offices to house its growing army of staff and an increase in marketing spend.
“The new investment from the entrepreneurs values Crunch.co.uk at £4 million.” A valuation for a company so young seems presumptious.
Other firms offering web-based accounting services include Freeagent Central and Freshbooks.
Crunch’s £59.50 monthly fee is a bit pricier than others’, but its tool is underpinned by an integrated accountancy practice which customers can call up for advice and which will compile annual accounts for them.
The investors reckon Crunch has proved its model and is now ready to scale up to thousands of customers.