KPMG provides $16 million funding boost to ERP spin-out Wiise
Spun out of KPMG in 2018 to support mid-sized Australian businesses, enterprise resource planning outfit Wiise has now received a $16 million boost from the firm to aid its international expansion.
Professional services firm KPMG has plunged a further $16 million into its Wiise venture to aid in the ERP platform provider’s international expansion.
Launched in strategic partnership with Microsoft and the Commonwealth Bank five years ago as a home-grown mid-market alternative to MYOB and Xero, the business has since grown to annual revenues pushing the $10 million mark, and now has its eyes fixed on the New Zealand market.
“Since its launch in 2018, Wiise’s affordable enterprise-grade business software has found a niche in helping Australian small and medium-sized businesses move forward and make smarter decisions in real time,” stated Charlie Wood, Wiise CEO since 2021. “This funding commitment from KPMG will enable us to continue to accelerate innovation in our product offering, build new technology, and expand into international markets.”
With its revenues having tripled over the past two years and now boasting a headcount greater than 40, Wood put the tech company’s speedy growth down to an ever-increasing demand from local inventory-based, distribution and manufacturing businesses in particular for intelligent ERP solutions hosted in the cloud. In line with that demand, Wiise recently launched its mobile Warehouse OnTime product to support real time inventory management.
The warehouse app will also be rolled-out in New Zealand, together with a focus on supporting customers in the country’s financial services and manufacturing sectors. Described as the equivalent to a series B funding round, it’s hoped that the $16 million capital injection from KPMG will provide a launchpad not just across the Tasman en route to a $100 million valuation but ultimately see Wiise enter into North America and Europe.
“This continued investment is the culmination of a multi-year commitment by KPMG to create a home-grown fintech with international potential,” stated Sarah Vega, head of KPMG Futures. “Since his appointment two years ago, Charlie and his team have led the business from start-up to scale-up, and this latest funding brings Wiise a major step closer to becoming not just an Australian success story but a significant player in the ERP market.”
