Business intelligence tool Spotlight Reporting has raised $2.7 million (NZ$3 million) from several investors including MYOB co-founder and Xero director Craig Winkler. Xero’s chairman Sam Knowles and another director, Graham Shaw, also contributed to the round.
“This capital raise allows us to continue building a great team, to fast-track product development and expand our physical presence in Australia, the UK and US in coming months,” Spotlight Reporting CEO Richard Francis said in a press release.
Spotlight Reporting began as a tool for producing PDF reports from data in Xero for accountants, bookkeepers, franchises, small businesses and not-for-profits. It has expanded its range into a KPI dashboard, franchise benchmarking (up to 500 Xero organisations) and cashflow forecasting.
The company has a close relationship with Xero – Xero acquired sister product Spotlight Workpapers and added it to its Practice Studio practice management suite for accounting firms. Francis worked briefly as general manager of Workpapers at Xero post acquisition.
Spotlight Reporting has offices in New Zealand, Australia and is opening its first UK office in London.