LemonEdge, a modern, low-code accounting platform powering the private capital industry, has completed a $4 million funding round, led by Blackstone Innovation Investments with participation from existing investors, including Sidekick Partners, Lauren Iaslovits (co-founder of Investran and a pioneer of private capital market technologies) and Tikhon Bernstam (founder of Parse and Scribd). The financing increases capital raised to date to $7 million, all within the first year of launch.
LemonEdge enables Private Capital firms to automate and digitise their end-to-end complex accounting processes, many of whom rely on older systems or spreadsheets. In a first for the industry, LemonEdge combines a modern, purpose-built financial engine alongside a customisable low-code platform with a suite of advanced reporting and scenario tools. The company’s cloud-native technology has been designed to support the unique and varied requirements of the private capital industry at scale and across asset classes.
Compared to traditional services, the powerful low-code platform is 20x faster to implement and run. The financial engine is created from the ground up to better understand partnership accounting and allocations. The platform provides firms with increased flexibility, real-time investor reporting, and greater operational efficiencies in a complex environment.
Jamie Nascimento, Co-Founder and Chief Commercial Officer at LemonEdge, comments: “The growing requirement by Private Capital firms to have the highest efficiencies, while dealing with complexity in an agile manner is becoming more of a prerequisite for staying ahead in the market. Firms are looking for ways to deliver efficient, accurate content to clients with the goal to ultimately provide the highest level of client service in a timely manner. There is no longer the leeway to process calculations outside of systems, manually post multiple transactions, or run separate solutions for the end-to-end accounting and middle office.”
John Stecher, Chief Technology Officer at Blackstone, commented: “We recognise LemonEdge was born out of scale and complexity, and we are excited for what their next- generation technology can bring to the Private Capital industry. We look forward to partnering with their team to continue to expand their platform.”
Gareth Hewitt, Co-Founder and Chief Executive Officer at LemonEdge, commented: “We’re delighted to bring Blackstone into our round and have the support of such prestigious investors who similarly recognise the need for such a generational shift. Blackstone has unique insight into a diverse range of asset classes and understands the technology problems in the industry today. They’re a natural fit to have on board and as a strategic partner, will help us solve the market challenges currently restricting Private Capital firms from reaching their full potential.”
Earlier this month, LemonEdge was appointed by Kensington Capital Partners as their front-to- back office accounting solution. LemonEdge will be powering the firm’s Private Equity, Venture Capital, and Fund of Fund structures alongside an Investor Portal.