LemonEdge, a London-based startup that helps firms in the private equity and financial services industries digitise complex accounting, has raised $3.5 million.
The oversubscribed round was led by Sidekick Partners and joined by Tikhon Bernstam, founder of Parse and Scribd, and Lauren Iaslovits, founder of Investra.
LemonEdge (formerly LemonTree Software) says that its low code platform lets firms ditch their old legacy systems or spreadsheets.
Users get a customisable platform that automates the complex and time-consuming tasks required for shadow accounting, LP specific performance calculations, and fund administration. The platform also enables real-time scenario modelling.
The firm was founded by Gareth Hewitt and Jamie Nascimento, who draw on 20 years of financial, business and marketing experience each.
They will use the funding to recruit for development, implementation, and sales in the company’s London and New York offices.
Says Hewitt: "LemonEdge’s low-code platform delivers the next generation of private equity performance and accounting software, without dependence on workarounds. LemonEdge is 10x faster to develop and deploy, and it is scalable, adaptable, and secure."