Mayday raises £3m / AU$6m Seed Round

Today, we announce that Mayday has raised a £3m / AU$6m Seed Round.

The round was led by 24Haymarket with AirTree Ventures, with backing from some incredible angels.

Griff and I started Mayday for finance teams.

To take the most painful, spreadsheet-heavy parts of month end — deferred revenue, prepayments, intercompany balance reconciliations and recharges — and reduce them to a single click, eviscerating days of manual work. We’re incredibly proud of the results we deliver: 98% time savings, alongside improvements in accuracy.

More broadly: we’re at a turning point.

ERP is no longer the default.

It’s being replaced by a better model:

SMB accounting system (e.g. Xero) + Mayday + a best-in-class CFO Techstack.

Better. Cheaper. Faster. Way more delightful.

Delight is our foremost core value. We’re thrilled to have more capacity to deliver it with this investment round.

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This round came together against a noisy backdrop.

AI hype everywhere. And at the same time, both Xero and Intuit’s share prices more than halving in the midst of the so-called SaaSpocalyse.

I studied history at university. These moments are familiar.

At the peak of the dot-com bubble, Walmart’s market cap more than halved — despite making the exact investments in e-commerce that would set it up for success. Meanwhile, Webvan and Pets.com grabbed the headlines. Today, Walmart is worth more than a trillion dollars, while Webvan and Pets.com are nothing but memories.

AI will be no different.

It only works with clean, structured data. Accounting is a binary sport. Getting it right matters. Features are easy. Functionality and outcomes are incredibly hard.

We’re very bullish on Xero and Intuit as AI winners.

And we’re incredibly excited about the opportunity we have to be the AI winner for month end.

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We’re especially proud of who is backing us.

The collective experience of the 24Haymarket syndicate, and especially Edmund Wilson, who is joining our board.

AirTree — the first VC firm to be a Claude case study.

‍Phil Chambers — who was co-founder and CEO of Peakon before its acquisition by Workday. And is now a partner at Balderton, who were early backers of Revolut.

And two of our customers — Steve Jarvis and Tyler Caskey — who asked to invest after being investor references for us.

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What next:

1) Accelerate product development. Complete the suite: flux analysis, accruals, embed the close management functionality we acquired in Easy Month End. Reduce all month end jobs to a single click. Then remove the single click in delivering Agent Month End (AMEN);

2) Scale our commercial team, particularly in APAC where we’re thrilled to have Finn Armstrong, based in Sydney, join as Sales Lead and Grace Benedek Rooney, based in Auckland, join as Customer Success Lead. This will enable us to accelerate the role out of our strategic partnership with Xero from Australia to NZ as well;

3) Grow the CFO Techstack movement. Build the community. Expand our content engine to show that scaling with SMB accounting system (e.g. Xero) + Mayday + a best-in-class CFO Techstack is not just possible, but optimal.

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Thank you.

To our investors — for backing us.

To our team — for an incredible commitment to delight that has got us here.

And above all, to our customers.

You can’t shortcut this. It’s easy to do what we do badly. It’s incredibly difficult to do well.

The accuracy we’re able to achieve as a product has come from working with you. And the path you’ve forged — with SMB accounting system (e.g. Xero) + Mayday + the CFO Techstack — is what others now get to follow.

They’re standing on your shoulders.