UK-based business services provider Geniac has signed an agreement that will involve it receiving up to £22m ($34m) in series A funding from accountancy firm Grant Thornton.
Geniac combines a range of business management services including accounting, human resources and corporate administration into a single platform targeted at entrepreneurs and small businesses. The platform, which had already been released in beta, went live on Wednesday last week.
In addition to the funding commitment, Grant Thornton will provide mentoring and other undisclosed resources to Geniac, which hopes to create 400 jobs by the end of 2016.
Mark Cardiff, partner at Grant Thornton, said: “We got the Geniac idea immediately and the business’ potential really attracted us to the team. We look forward to working with them to help support growth in dynamic small businesses.”
Geniac co-founder Eduardo Martinez added: “The investment from Grant Thornton will allow us to grow rapidly over the next 12 months, enabling us to support even more small businesses in fast growth, across the UK and beyond.”
Geniac previously secured £1m in seed funding in 2014 from undisclosed backers.