Funding to accelerate product innovation for accounting firms as industry veteran Feargal O’Rourke joins the board
DUBLIN, May 28, 2025 /PRNewswire/ — Outmin, an intelligent bookkeeping start-up that automates financial data production and eliminates manual data entry, today announced a €4 million raise led by Praetura Ventures via its Praetura EIS Growth Fund and NPIF II – Praetura Equity Finance, which is managed by Praetura as part of the Northern Powerhouse Investment Fund II. The company also confirmed the appointment of Feargal O’Rourke, current IDA Chairman and former Managing Partner of PwC Ireland, as Chairman of the Board.
The raise will enable Outmin to accelerate engineering hires, deepen AI capabilities, and scale delivery for a growing base of accounting firm partners, focused on margin improvement, efficiency, and modernising the core bookkeeping model. Additionally, the funding will enable Outmin to broaden its international reach, particularly in the North West of England, where it already has an emerging presence.
“This funding marks an exciting new phase for Outmin,” said Ross Hunt, CEO and Founder of Outmin. “It will enable us to continue our growth in Ireland and expand our presence in the UK, especially in the North West which is a hotbed of activity. It’s about delivering a real system that changes how firms operate. With Feargal’s experience and leadership, we’re more equipped than ever to bring automated bookkeeping to more businesses and help accounting firms navigate the future of bookkeeping and finance.”
Feargal O’Rourke brings a unique perspective from decades at the forefront of the global accounting profession. His appointment signals Outmin’s commitment to solving long-standing challenges in the industry, including talent shortages, inefficiencies, and succession risks.
“Outmin is building something accounting firms truly need,” said O’Rourke. “It’s not a short-term fix, it’s a foundational shift. The team understands where the gaps are in the current model, and they’re delivering a system that helps firms scale and focus their people on higher-value work.”
Outmin’s AI Bookkeeper automates key financial workflows, including document collection, invoice processing, reconciliation, and reporting. It combines automation with expert oversight to deliver accurate, up-to-date books, without growing headcount.
According to Outmin, more than 350 businesses utilise the platform, and they have established partnerships with 11 accounting practices. Businesses report saving more than 200 hours annually on bookkeeping, while some partner firms report as much as €10,000 in additional revenue per client onboarded to Outmin by reallocating existing staff to higher-value tasks.
“Every accounting firm is facing pressure to do more with less,” said David Kelleher, Co-Founder and Chief Revenue Officer at Outmin. “The future belongs to firms that invest in better systems, not just people. We’re already partnered with forward-thinking firms like Nexio, who are providing valuable insights to help us optimise our product and create something that gives accounting practices a real competitive advantage.”
Outmin is headquartered in Dublin and currently supports accounting firms across Ireland and the UK.
About Outmin
Outmin is an intelligent bookkeeping service helping accounting firms and SMEs scale profitably by removing manual work and improving data accuracy through AI. The company is one of LinkedIn’s Top Startups and a 2025 TechRound’s FinTech50 winner, backed by top investors including Praetura Ventures, Fuel Ventures and Middlegame Ventures. To learn more visit: www.oumin.io
The £660m Northern Powerhouse Investment Fund II covers the entire North and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
About the Northern Powerhouse Investment Fund II
- Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the South West’s smaller businesses at all stages of their development.
- The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.
- Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
About Praetura Ventures
Praetura Ventures is committed to adding value post-investment and providing the ‘more than money’ support that businesses need to grow, including additional expertise, resources, networks and guidance, to its investee companies.
Since 2019, Praetura Ventures has backed over 60 companies, including North West headquartered businesses Culture Shift, AccessPay and Peak. The business has now grown to over £260m AUM and last year won the Northern Powerhouse Investment Fund II mandate for the £100m fund dedicated to equity in the North West of England.
Learn more at praeturaventures.com
Photo – https://mma.prnewswire.com/media/2697875/Outmin_Co_founders.jpg
Logo – https://mma.prnewswire.com/media/2697874/Outmin_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/outmin-raises-4m-to-scale-ai-bookkeeping-names-ex-pwc-ireland-head-as-chairman-302467073.html
Read the orginal article: undefined
