By Claire West
Online accountant Crunch.co.uk is gearing itself up for a period of rapid expansion as it continues to consign the traditional accountant-model to the history books with its innovative service.
Bebo co-founder Paul Birch and former Skype Chairman Michael van Swaaij have announced their second round of significant investment in the firm, as it prepares to reach thousands of customers.
Crunch.co.uk is a fully automated online accountancy service for freelancers, contractors and small businesses backed up by an integrated accountancy practice to take phone call queries and give advice, for which customers pay a fixed monthly fee of £59.50.
From the end of this month, customers will be able to have their annual accounts compiled by Crunch.co.uk within seconds - and submitted to the taxman after thorough checks by the team of accountants. The revolutionary approach to accounting takes the pain out of ‘doing the books’ and will enable people to focus on their entrepreneurial dreams.
“People thought Crunch.co.uk’s founder Darren Fell was crazy when he set out to establish an online accounting service that did everything a traditional accountant did,” said Michael van Swaaij, Crunch.co.uk’s investor. “But then he got the backing of myself and Paul in October 2009 and the business is already at break-even. Every customer has been stunned by the simplicity of the service. Crunch.co.uk is changing the face of small business across the UK.”
The new investment from the entrepreneurs values Crunch.co.uk at £4m.
“This second round of investment will fuel Crunch.co.uk’s growth as we get ready to scale our business up to serve thousands of freelancers, contractors and small businesses,” said Darren Fell, Crunch.co.uk’s Managing Director and Founder.
“Essentially the business has thoroughly proved its unique concept of expert accountants integrated with the latest online easy-to-use accountancy technology. Michael, Paul and our other investors, are elated with the proven success of Crunch.co.uk’s service.”