iplicit Secures £25M Funding for Expansion

Deal News | Jan 27, 2025 | UK Tech Funding

iplicit Secures £25M Funding for Expansion

iplicit, a London-based cloud accounting platform, has secured a £25 million investment from the tech-focused growth investor One Peak. This investment will be instrumental in advancing iplicit's product development and supporting its rapid expansion. The firm, catering to businesses transitioning from entry-level systems or outdated on-premises solutions, boasts annual recurring revenue of £3.1 million and impressive year-on-year growth since its establishment in 2019. iplicit's standout performance led to its inclusion in the Deloitte UK Technology Fast 50 and the FT1000 list of Europe's fastest-growing companies. With over 2,000 organizations and 38,000 users relying on its platform, the firm continues to consolidate its presence in the UK's mid-market cloud accounting sector.

Sectors

  • Financial Technology (FinTech)
  • Venture Capital and Private Equity

Geography

  • United Kingdom – iplicit is based in London, UK, and their services cater primarily to the UK market, thus highlighting the country's role in the narrative.
  • Europe – The article references accolades related to European business growth, indicating a broader regional impact beyond the UK.

Industry

  • Financial Technology (FinTech) – The article discusses iplicit, a company providing cloud-based accounting solutions, which is a prime example of financial technology aimed at improving business operations.
  • Venture Capital and Private Equity – The article mentions a significant investment from One Peak, categorizing it as a private equity activity that supports tech-based growth ventures.

Financials

  • £25 million – The investment amount provided by One Peak to iplicit.
  • £3.1 million – iplicit's reported annual recurring revenue as of 2023.

Participants

NameRoleTypeDescription
iplicitTarget CompanyCompanyA London-based cloud accounting platform aiming to provide superior functionality at lower costs, tailored for companies outgrowing basic systems.
One PeakInvestor/Private EquityCompanyA growth investor specializing in technology sectors, providing the first external institutional funding to iplicit.
Lyndon StickleyCEOPersonCEO of iplicit, commenting on the funding's impact on the company's growth and market position.