Five Elms Capital has invested $10 million in Karbon. Based in Nevada, Karbon is a provider of practice management software for accounting firms.
Lake Tahoe / Reno, NV – Karbon, the leading practice management software for accounting firms, today announced a strategic growth investment from Five Elms Capital. The investment will fuel the continued growth of Karbon and further fortify its position as the premium cloud-based practice management solution for accounting firms.
Karbon offers an innovative cloud-based solution in a market still dominated by legacy desktop-based products. The company is proudly based in the Lake Tahoe region, with employees spread broadly across the USA; however, Karbon maintains close ties to Australia with two Australian co-founders and half its 50- person team based in Sydney.
As accounting firms globally were forced to transition to remote work in 2020, demand for the Karbon platform increased dramatically, and the company doubled its number of active customers as a result. Karbon now serves more than 1,600 accounting firms that rely on its platform to manage all internal workflows, client interactions, and communication.
CEO and co-founder Stuart McLeod says the funding will support Karbon in continuing to provide a superior alternative to outdated, desktop practice management software. “The global pandemic has accelerated the accounting industry’s adoption of genuine cloud solutions like Karbon. No longer are screen-scraped desktop offerings an acceptable part of the solution stack of serious accounting firms. These funds will accelerate our vision of becoming the first comprehensive global practice management solution for accountants in a post-COVID world.”
“The accounting industry has historically been hesitant to leverage new technology, but COVID and the emergence of a more technically savvy workforce is accelerating adoption. Karbon’s modern cloud platform and thoughtfully constructed feature set is purposefully designed to help firms get work done more efficiently and effectively, which is crucial in an increasingly competitive and complex market. Beyond the product, founders Stuart, John and Ian have built an impressive team and fostered an amazing culture; one we are proud to add to our portfolio,” says Joe Onofrio, Managing Director at Five Elms Capital.
Karbon is the premium practice management platform for the accounting industry and has become indispensable for firms around the world to support their team and navigate the sudden shift to remote work. Karbon brings planning, clients, work, and communication together in one place, allowing firms that are working remotely to still be all together online. Founded in 2014, Karbon has offices in United States, Australia, New Zealand and the United Kingdom. Visit karbonhq.com.
About Five Elms
Five Elms Capital is a global growth equity firm that invests in fast-growing B2B software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders. Visit fiveelms.com.