Grant Thornton makes £22m tech investment in Geniac

The London-based business is set to transform the rate at which small businesses can flourish by fully managing their business support functions through an innovative“office as a service” platform. Its ultimate mission is to give entrepreneurs their time back, so they can focus on growth.

Through a combination of personal account management and leading technology, Geniac covers everything an entrepreneur needs to run and scale their business, including accounting, tax, legal, HR and corporate administration solutions into one smart service. Users can set up fully functioning support within 24 hours and gain access to a range of specialists.

The company was co-founded by ex-Accenture consultants, Michael Galvin and Eduardo Martinez, whose shared experience in setting-up and running multiple startups led them to realise the administrative burden of building a business. Dealing with multiple stakeholders and professional advisers was distracting them from their primary focus on growth and customer service, and they struck upon the idea of a simple solution for scaling businesses.

Eduardo Martinez, co-founder of Geniac, said: “When you’re a business founder with a big idea, the last thing you need is distraction. Many entrepreneurs don’t know what’s required in establishing and running a business and have to resort to bringing in individual specialists, which is time consuming, expensive and rarely joined up. We created Geniac to integrate all the specialists and tools a growing business needs, giving business owners complete visibility, peace of mind and the time to get back to doing what they love.

“Since launching our service in beta mode, we’ve had brilliant feedback from our customers and are excited to officially go live today. The investment from Grant Thornton will allow us to grow rapidly, enabling us to support even more small businesses in fast growth, across the UK and beyond.”

This is the first tech startup investment for Grant Thornton, and is reflective of its on-going commitment to supporting growth opportunities for small and medium-sized businesses.

Mark Cardiff of Grant Thornton, added: “The Geniac proposition to fast growing small businesses is exciting. Mike and Eduardo have really identified what can hold back small businesses. They have ambitious intentions to level the playing field between large and small businesses, in terms of the quality of support and tools available to small businesses. We got the Geniac idea immediately and just wanted to work with the team, because it helps create a vibrant, dynamic economy.”

As part of its expansion plans Geniac is actively hiring over the next 12 months for its offices in London and Glasgow.