🎉 We have Sum Big News: Sumday Raises $5.3M to Transform Accounting for Good!

April 16, 2024
3 Minutes

Announcing our $5.3M raise to redefine accounting

We’re beyond excited to share that Sumday has closed a $5.3M seed round, thanks to some incredible folks who believe in our vision as much as we do. A huge shout out to Sophie Purdom at Planeteer Capital in the US for leading the round and a massive thanks to our existing and returning investors Blackbird, Wedgetail, Cameron Adams and Possible Ventures. 

We started in the small town of Burnie on Tasmania’s northwest coast as a regional accounting firm (glamourous, we know). We had our “how is this possible” moment when we started preparing carbon accounting assessments for clients. Over 90% of emissions came from the supply chain and precisely 0% of that data was collected from those companies, they weren’t even asked for it, largely because people weren't sure what or how to ask in the first place. The education was missing, with so much happening at pace. We realised that in the absence of accessible information, the whole world was calculating emissions based on industry averages, despite a tidal wave of incoming legislation to mandate this reporting and net zero targets being publicly shared.  

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On the ground, we felt the pain of working in monstrous spreadsheets ourselves (which, between us, some still hold dear—yes, Toby, we mean you) - don’t be afraid to ask the accounting support team for a template or ten. And it was clear that ‘audit ready’ didn’t have the same meaning in this ‘non-financial’ world as we had come to expect with the dollars and cents (Lindsay, the typical ex-auditor, really wasn’t having it). 

From all of this frustration (and a little bit of confusion), Sumday was born, a beautiful accounting product that’s redefining the future of accounting and providing practical education that brings everyone along on the journey. 

One of Sumday's values: Education First

In just a short time, over 50 accounting firms, big and small, have entrusted Sumday to support the upskilling of their teams and equip them with GHG accounting software designed first and foremost for advisors, while still being affordable for their clients. 

For companies doing this work internally, Sumday has shared not only the accounting tools, but practical courses and support with the golden triangle of sustainability, finance, and procurement teams. Together they’re asking suppliers the right questions and sharing the resources they need to take action. 

We’re deeply proud of the fact that Sumday is used by public companies through to the smallest businesses in the supply chain. We always said, the scope 3 problem will never be solved without value being realised by everyone in the chain. Across our careers, we’ve worked with the largest companies in the world through to the local builders in our small town. We have a lot of empathy and excitement for these organisations - they’re reshaping the future and it’s a privilege to be part of that journey. 

This funding means we can continue democratising access to robust, audit-ready GHG accounting across the globe. Whether companies want to handball this work to their accountant or upskill internally, we’ve got their back. 

As we grow across the UK, EU and US, our roots remain deeply embedded in our firsthand experience as an accounting firm in rural Tasmania that just had to solve the obvious problems, from accuracy, to upskilling, from affordability to accessibility. As luck would have it, when you strip everything back, these are the challenges nearly  every company is facing and our commitment to solving those problems has resulted in partnerships, customers and investors that we only imagined 18 months ago. 

Finally, a huge thank you to our team who are making it all happen, what an incredible group of humans we have at Sumday.

Here’s to accelerating better outcomes for people and the planet through real engagement, practical education and…accounting, properly! 

Sumday is now!

CEO and Co-Founder at Sumday

Sumday's Vision, Mission, and Values