Float looking for £500,000 of funding

Accounting software outfit Float has kicked off a fundraising drive that could see its headcount almost double, less than a year after launching its flagship product.

The company, based at Edinburgh’s CodeBase tech incubator, created a cashflow forecasting tool that integrates with Xero, the accounting package aimed at small and medium-sized firms, and last month was named “emerging add-on partner of the year” at Xero’s conference in Sydney.

Float released its product for Xero in September last year, and the software was relaunched in January following tweaks to meet the needs of larger clients.

Chief executive Colin Hewitt said the firm was seeking up to £500,000 to ramp up development and marketing in a move that could see it add four more staff to its five-strong team.

He added: “We’re now speaking to individual angels to get a funding round together and the feedback has been very positive.”