MYOB founder Craig Winkler just backed a Sydney fintech’s $5 million funding round
A Sydney startup that creates accounting software has secured $5 million in a series A capital raising round.
Practice Ignition announced Tuesday that Microequities Venture Capital Fund led the investment, while other new contributors included Black Sheep Capital and Right Click Capital.
Craig Winkler, last week named the 12th wealthiest man in Australian tech, is an existing investor in Practice Ignition and chipped in an undisclosed amount for the latest round. Winkler is best known for establishing accounting software firm MYOB then, in 2009, investing $14.7 million in its rival Xero.
Xero’s shares are now worth more than 20 times the 2009, as the New Zealand company celebrated passing the one million user mark this year.
Founder of ASX-listed software and service giant TechnologyOneAdrian Di Marco was also another early backer and contributed to the latest round. He will join the board, along with Microequities Venture Fund founder Howard Leibman.
Leibman said his firm was “truly excited” to be leading the latest $5 million round, which came after a seed round of $2.2 million secured over 2014 and 2015.
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