Cloud contact centre startup, CloudWave, turned to Keeping Company for a more granular approach to their financials when preparing for a capital raise. With Keeping Company’s help, they would go on to raise $2 million and take the business to the next level.
Australia’s number one cloud contact centre service provider, Cloudwave, helps contact centres deliver a better customer experience from anywhere by providing the latest technology on the best cloud communications platforms.
When the pandemic hit and international call centres suddenly had to close, many businesses were caught out. This represented a significant growth opportunity for Cloudwave, with the company going on to be ranked at 191 in the Deloitte Technology Fast 500 list in 2020.
Recognising it was an opportune time to expand globally, Cloudwave set out in 2020 to raise capital as part of a Series A funding round.
The challenge
Having worked with the same accountant for six years, Cloudwave CEO Michael Powrie realised the company needed a new accounting partner for the next growth phase of the business.
“When we were preparing to do the capital raise, we realised we would need a more granular, deep dive into our financials. Keeping Company was recommended to us to clean up our finances.”
It was recognised that more sophisticated financials would help on two fronts; by providing more detailed financial information to investors as part of the capital raise and by enhancing business decisions and business strategy going forward.
How we helped
At Keeping Company we set out to rethink how Cloudwave’s financials were managed, handling everything from restructuring Cloudwave’s accounts to forecasting and modelling.
“They nailed exactly the way our accounts should be named and structured, lining up inbound revenue with the cost of goods sold and outlining upfront and recurring revenue across multiple vendors.”
“They created five year modelling and cash flow forecasts and shared tips and tricks on how to improve the consistency of our P&L and prevent it from becoming lumpy.”
One of our accountants works with the Cloudwave team onsite one day a week and our leadership team provides high level strategic advice.
“The team helped out with so much more than just our accounting, advising us on our strategy and operations and even making introductions to VCs for the capital raise.”
The results
Cloudwave’s capital raise was extremely successful, raising $2 million for the company’s expansion into Asia and the US. Cloudwave is now planning another capital raise in the next couple years and is on track to double the business.
Keeping Company and Cloudwave enjoy a trusted working relationship.
“Keeping Company has been a safe pair of hands; highly responsive, intuitive, easy to work with and trustworthy. It really feels like we’ve gained good friends, not just professional advisors.”
We’re excited to see what’s ahead for this incredible company and look forward to being a part of it!
At Keeping Company, we’re not just accountants, we’re business people too. With our counsel, your business can reach its full potential.
We have a team of experts; Cloud Accountants, Business Advisors, Finance Specialists working together and ready to help, contact us today.
For all media enquires please contact Tracy Miller, CMO, Keeping Company 0414 898 452.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.