Blue Water Software (t/a LemonEdge) secures £1.77 million Seed investment led by Sidekick Partners

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LemonEdge raises $2.5 million in mission to digitise complex accounting for the private equity and financial services industries

The round, led by Sidekick Partners, with participation from Lauren Iaslovits (co-founder of Investran and a pioneer of private capital market technologies) and Tikhon Bernstam (founder of Parse and Scribd), will drive LemonEdge’s growth in North America and Europe.

London-based fintech LemonEdge (formerly LemonTree Software), has secured funding of $2.5 million USD 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 is 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 whom still run on old, ‘insecure’ legacy systems or spreadsheets. The Global Financial Services Application Software Market is worth $144bn and expected to grow by 8% by 2025[1]. Modern technology platforms will be at the heart at this transformation. They’re growing at 45% CAGR in a market projected at $54bn by 2024[2]. It’s predicted that by then, 67% of the medium and large organizations will be using low-code tools to speed up application delivery at reduced costs[3]

LemonEdge’s low code platform is fully customisable and automates the complex and time consuming tasks required for shadow accounting, LP specific performance calculations, and fund administration.  The platform also enables real-time scenario modelling with its unique Canvas function. Analysis that typically requires days or weeks on legacy platforms can be completed in seconds using LemonEdge’s platform.

LemonEdge founders Gareth Hewitt (CEO) and Jamie Nascimento (CCO) draw on 20 years of financial, business & marketing experience each, honed from founding previous software companies managing over $50bn of alternative assets across three continents. They will use the funding to recruit top talent for development, implementation, and sales in the company’s London and New York offices.

Gareth Hewitt, Co-Founder and CEO of LemonEdge, commented: 

“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. LemonEdge is 10x faster to develop and deploy, and it is scalable, adaptable, and secure.”

Lauren Iaslovits founded Investran, the widely used private capital markets technology solution, and sold the business to Sungard (currently FIS) in 2004. Iaslovits currently serves as special advisor to CEPRES, a platform for private market investment professionals.  Iaslovits commented: “LemonEdge brings a complete no- and low-code solution to the challenges of general ledger accounting for the private capital market. The ability to simulate scenarios without risking reporting data is fundamentally empowering, and I can see clear benefit to fund administrators in terms of cost and time saving in the enterprise data space. This is the natural evolution of private capital technology, driven by a dynamic team.”

Tikhon Bernstam founded technology companies Scribd (private) and Parse, which he sold to Facebook for $85 million. Bernstam commented: 

“LemonEdge is the first instance of proper low-code, platform-led software to address the needs and development challenges faced by financial services. The ability to rapidly deploy off-the-shelf solutions, and to empower a 10x reduction in development time, will open up this hugely under-served segment in the same way that low-code platforms empowered the mobile software boom.”

Jamie Nascimento, Co-Founder and CCO of LemonEdge, 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.”

-Ends-

NOTES TO EDITORS

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About LemonEdge

LemonEdge is the first and only low-code development platform for the complex accounting demands of the private equity industry. LemonEdge enables businesses to develop or customise solutions 10x faster than traditional approaches.

LemonEdge’s private capital product provides asset managers and administrators with the core infrastructure for fund, portfolio, and LP-level accounting.  The platform has easy-to-use reporting and analysis capabilities, which can seamlessly handle scale and complexity. Clients can quickly integrate 3rd party systems, spreadsheets, and proprietary financial processes via LemonEdge’s low-code platform. This intuitive and highly customisable approach delivers on today’s complex requirements for efficient fund management.

Combined with LemonEdge’s unique set of building blocks for financial services, from a multi-currency general ledger, auditing, risk management, to complex data handling and reporting, you can give your solutions the edge they need. 

About our Team:

Gareth Hewitt, Co-Founder and Chief Executive Director at LemonEdge:

Gareth is Co-Founder and Chief Executive Officer of LemonEdge. He is a technology professional with over 20 years of financial services software experience. After Edinburgh University, Gareth was responsible for developing alternative asset software at Accounting Frameworks and later at eFront. This experience became the foundation for launching a cloud-based configurable software solution in 2011. Gareth then co-founded Bridge Fund Solutions, which he later sold. His experience with the current legacy system approaches to data integration, customisability, modelling, complex accounting, and scalability solidified his belief that there is a deep-rooted need for a powerful modern development platform with integrated accounting in financial services.

Jamie Nascimento, Co-Founder and Chief Commercial Officer at LemonEdge:

Jamie is Co-Founder and Chief Commercial Officer of LemonEdge. He has 20 years of experience in marketing and sales and holds a degree in computer science and artificial intelligence. Jamie’s ability to combine logical thinking with a creative aptitude, while also developing insight strategies, has helped him deliver strong growth across numerous brands in the FMCG market. Jamie’s expertise from working in global, multi-tiered organisational structures to start-up and scale-up businesses has given him a uniquely structured and entrepreneurial approach.

About Sidekick Partners:

Sidekick Partners (www.sidekickpartners.com) is a U.S.-based venture firm with an extensive track record of partnering with innovative, high-growth technology start-ups, including Chronograph, DailyPay, Everlywell, and Ring.  Sidekick Partners led the Seed round for Chronograph, a leader in portfolio monitoring technology for private capital investors.  Sidekick Partners represents a group of highly strategic investors, including successful entrepreneurs, private equity partners, and senior corporate executives.  Sidekick Partners will utilize its deep ties to the private equity industry to help LemonEdge expand in North America. 

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Safiya Marzook

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