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Tuesday 23 November 2021

Pixie gets funding to make practices perfect

logoI can’t say I’m enamoured with the brand, which is bit cutesy for me, but there was probably good reason that founder Celso Pinto chose the name Pixie for his accountancy practice management software startup.

Founded in 2019 (though incorporated in late 2020, as Usepixie Software UK Ltd), Pixie has raised £2.25m (or $3,024,506.25 as helpfully informed by Insightful Accountant!) in a seed funding round led by Triple Point Ventures, with the participation of Seedcamp, MMC Ventures, and serial entrepreneurs and angel investors including Duane Jackson (of Kashflow and Staffology fame – see IRIS Software acquires Duane Jackson’s Staffology).

Pinto, a Portuguese expat now based in London, previously founded Simple Tax (does what it says etc) which is still in business, though Pomar, ‘a sandbox for new product ideas’ which he launched in 2018, isn’t.

Pinto has pitched Pixie head-to-head against UK-based Accountancy Manager, which was launched in 2017 and claims over 5,000 users, vs 1,100 claimed by Pixie. Accountancy Manager’s website has a far more professional look about it and seems a more complete solution. However, they charge on a per user per month basis (starts at £39) whereas Pixie charges a single flat fee of £49 per month no matter how many users, on the face of it a far more attractive proposition for small accountancy and bookkeeping practices. Oh, and IRIS has its own practice management system courtesy of Bristol-based Senta, acquired early this year (see Acquisitive IRIS adds Senta to cloud portfolio).

To be honest, I’m not quite sure what to make of Pixie. Other than the pricing model, Pixie doesn’t look differentiated from its competition and they’d have to sell a lot of subscriptions to make the business model work. But maybe Pixie will have enough of the ‘underdog’ attraction to make a go of it – at least, its backers must think so.

Posted by: Anthony Miller at 09:34

Tags: funding   startup  

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