London-based fintech firm LemonEdge (formerly LemonTree Software), has secured funding of $2.5 million in a heavily oversubscribed fundraising round led by Sidekick Partners, a venture firm with deep ties to the North American private equity industry.
Sidekick Partners was joined in this round by investors Tikhon Bernstam, founder of Parse and Scribd, and Lauren Iaslovits, founder of Investran and a pioneer of private capital market technologies.
LemonEdge enables firms in the private equity and financial services industries to digitise complex accounting, many of which still run on old and insecure systems and spreadsheets..
Its low code platform enables real-time scenario modelling. Analysis that typically requires days or weeks on legacy platforms can be completed in seconds using LemonEdge’s platform., which is s fully customisable and automates the complex and time-consuming tasks required for shadow accounting, LP specific performance calculations, and fund administration.
The founders of the platform, Gareth Hewitt (CEO) and Jamie Nascimento (CCO) have 20 years of financial, business and marketing experience each, previously founding software companies managing over $50 billion of alternative assets across three continents.
They will use the funding to recruit talent for development, implementation, and sales in the company’s London and New York offices.
Mr Hewitt said: “We are pleased to have completed a highly successful funding round, and to have the support of such well-renowned investors. For more than 20 years, I’ve seen an astonishing amount of financial data inside legacy applications or spreadsheets that do not communicate and that are insecure. LemonEdge’s low-code platform delivers the next generation of private equity performance and accounting software, without dependence on workarounds.”
Mr Nascimento added: “We drive informed decision-making with the future of tailored and complete accounting solutions. Our product is best-in-class, and we are focused on building the best possible team to help grow LemonEdge. Our customers are the next generation of financial services professionals who have grown up in an ever-smarter and more connected world – they expect solutions which not only match their needs, but empower their capabilities.”