Right place, right time: Accounting startup Karbon has raised $7 million to capitalise on a gap in the Australian market

But, McLeod tells StartupSmart, the funds will be directed towards investing in the product, and capitalising on the collapse of talks about MYOB acquiring Reckon’s accounting business, APS. “There are a lot of Reckon customers that will go into a serious purchasing decision, and are likely to choose another solution,” McLeod predicts. The market landscape is shifting reasonably quickly in Australia, and we’re well positioned to take advantage.” Karbon already has staff on the ground in Sydney and Melbourne to manage the influx McLeod is anticipating. He has strong ties in Australia, and so having Blackbird Ventures on board as an investor is something that “just worked out like that”, he says, adding: “So far, that’s certainly turned out to be a great decision”. “Now, we’re bearing the fruit of all our hard work.” NOW READ: Futuristic startup August Robotics scores $5 million in seed funding backed by Mike Cannon-Brookes, but it’s more than just a “cool” product