Outmin Secures £3.3m Funding for Northern Expansion
Deal News | Jun 02, 2025 | praetura ventures
Outmin, an innovative bookkeeping start-up based in Dublin, has raised £3.3 million in a funding round led by Praetura Ventures. The funds, sourced from Praetura's EIS Growth Fund and NPIF II, will facilitate Outmin’s expansion across the North of England, particularly the North West. The investment will bolster Outmin’s operations, allow the company to enhance its AI capabilities, and strengthen partnerships with accounting firms. The start-up’s solution automates manual bookkeeping processes, generating quality financial data and freeing finance professionals to focus on more valuable tasks. The funding round also saw Outmin appoint Feargal O’Rourke, former PwC Ireland Managing Partner, as Chairman of the Board to guide the company’s scaling strategy. Reports indicate a significant talent shortage in the finance sector, a problem Outmin aims to alleviate with its technology. The Northern Powerhouse Investment Fund II, managed by Praetura Ventures, aims to support economic growth in the North by providing much-needed funding to smaller enterprises.
Sectors
- Financial Technology (FinTech)
- Investment and Venture Capital
Geography
- United Kingdom – The investment supports Outmin’s expansion in the North West of England, reflecting the focus on UK regional economic development.
- Ireland – Outmin is headquartered in Dublin, Ireland, which is relevant to the origins of the company.
Industry
- Financial Technology (FinTech) – Outmin operates in the FinTech sector by providing automated bookkeeping solutions, transforming accounting processes through AI technology.
- Investment and Venture Capital – Praetura Ventures, a key player in the article, represents the venture capital industry through its investment in Outmin.
Financials
- £3.3 million – The amount of funding raised by Outmin to accelerate its UK expansion.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Outmin | Target Company | Company | A Dublin-based bookkeeping start-up developing automated solutions for the accounting industry. |
| Praetura Ventures | Investor | Company | A venture capital firm leading the investment round with funds from its EIS Growth Fund and NPIF II. |
| Northern Powerhouse Investment Fund II | Investor | Fund | A fund directed towards boosting the economic growth of Northern England through diversified finance offerings. |
| Ross Hunt | Founder & CEO | Person | Co-founder and CEO of Outmin, spearheading the company's strategic growth. |
| David Kelleher | Co-founder & CRO | Person | Co-founder and Chief Revenue Officer responsible for driving revenue strategies at Outmin. |
| Feargal O'Rourke | Chairman of the Board | Person | Former Managing Partner of PwC Ireland, appointed to support Outmin's management team. |
| British Business Bank | Funder | Government | The entity backing NPIF II aiming to support economic growth and job creation in the North of England. |