12 Jun 2024

Our Investment in Light: the First AI-Powered General Ledger for Global Company Finances

Since it was created in the 1980s, ERP (Enterprise Resource Planning) software has become widely adopted and sits underneath most businesses’ operations. It’s a market now valued at $81.5 billion and is projected to grow to $240 billion by 2032. But the incumbent software solutions were built for the businesses of forty years ago, rather than today's modern, global-first companies.

The general ledger — a company’s source of truth for financial transactions — has never really been fully solved by existing ERP software. Multinational businesses operating in several markets with different accounting standards only have two options for their virtual general ledger. They can either manually reconcile single-entity based SMB accounting tools or spend months implementing a costly, enterprise-grade full ERP suite. To aggravate this complex issue, the cost of inaction or worse, mistakes, are massive. Getting these records wrong leads to serious issues like cumbersome government audits and late annual closing.

We are therefore delighted to announce our newest $13M Seed partnership with Light, the creator of a fully automated general ledger for multinational SMEs. Light’s co-founders, Jonathan Sanders and Filip Kozjak, have defied expectations and built something better. 

Light co-founders Jonathan Sanders and Filip Kozjak

Light has re-imagined the ERP concept from the ground up to deliver a financial suite that can dramatically help modern businesses through a general ledger that can run all of a company’s global transactions seamlessly. 

The Light platform unifies accounting, tax, payments and reporting across multiple countries and currencies. Light’s AI is able to clean transactional data quickly and precisely, and ensures it is correctly recorded in the ledger, saving the finance team from hours of data inputting and significantly improving accuracy. Plus, with its full-powered infrastructure and slick interface, its package is cheaper, faster, and more accurate than legacy financial ERP software.

Light is already working with SMEs who operate across Europe and the US, including Famly, a childcare CRM provider operating in Denmark, UK and the US. 

This funding will be used to further invest in the product and establish a new office in London.