Leading business and financial adviser Grant Thornton UK LLP has agreed an investment commitment with Geniac, the UK start up taking the headache out of fast growth for small businesses. The agreement will see Grant Thornton invest up to £22 million in the start-up company.
Geniac 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.
Geniac 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.
The deal will see Grant Thornton provide growth funding for Geniac as it looks to rapidly build scale in the UK, along with mentoring and other resources for its founders. Operating as an independent entity, Geniac aims to create up to 400 new jobs throughout the UK in 2015/16.
Mark Cardiff, Partner at Grant Thornton UK LLP, commented: "Any large business can trace its roots back to a start-up somewhere in history, where its founders likely struggled with the administrative burdens that come with growing a company. By eliminating some of these barriers and freeing-up valuable time to focus on growth, Geniac's proposition to fast growing small businesses is truly exciting. Mike and Eduardo 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. This will go a long way in accelerating the growth of Britain's next generation of businesses and help develop a more vibrant economy. 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.”
Eduardo Martinez, co-founder of Geniac, added: “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 over the next 12 months, enabling us to support even more small businesses in fast growth, across the UK and beyond.”