Startup
LeaseCrunch secures investment; continues to scale
LeaseCrunch, a Milwaukee-based SaaS company that provides software for the lease accounting industry, announced that it received a capital investment from Aquiline Capital Partners for an undisclosed amount.
The New York-based venture capital firm was founded in 2005. According to Pitchbook, the firm has 69 companies in its active portfolio and its median deal size for its 2023 investments was $15 million.
Since its launch in 2016, the company has experienced steady and continual growth. In March 2023, LeaseCrunch reported that 500 CPA firms (including 43% of the top 400 CPA firms as ranked by Inside Public Accounting) and 15,000 companies across the nation were using its lease accounting software. Since then, those numbers have grown to more than 600 CPA firms and 24,000 companies using the SaaS product.
User numbers are expected to increase as tax season approaches.
Co-founder and company CEO Ane Ohm spoke with MKEStartup.News about the continued success of LeaseCrunch, and its plans for the future.
MSUN: To what do you attribute LeaseCrunch’s ongoing growth?
Ohm: “We were prepared at the right time with the right product when people needed it, so it really is the change in accounting standards that drove this. We made sure that we were fully in the right place at the right time, they knew about us, we were accessible, and the easy-to-use solution trusted by CPAs.”
“Our mantra all throughout is ‘how can we take something that’s pretty complicated and simplify it as much as possible at …the busiest time for accountants?’ They don’t need more complications in their life, so being able to relieve them from some of the stress, that’s what we’re all about.”
MSUN: Your Milwaukee-based company employs a remote workforce. How is that working for your team?
Ohm: “This is working for us. One of the things that I’m happy to see is the strong culture and strong teamwork that has developed. People are sure that you can’t do that unless you are together in person. I think we’re an example of how it can happen.”
MSUN: What can you share about your recent investment from Aquiline Capital Partners?
Ohm: “They invested in us because they believed in what we were doing. to continue that we are marching forward on the same trajectory that we had hoped to… We are leaning into helping CPA firms and their clients.”
MSUN: What is next for LeaseCrunch?
Ohm: “One of the things that we work hard to do is make sure that we’re providing value to both CPA firms and their clients…We want to expand that and make sure that we are continuing to invest in our lease accounting. As you know, software is never done. Software as a service means that we are always making improvements and every time we do that, everyone who is currently a customer gets the benefit of it.”
“We were purpose-built from the beginning, and it shows when you see the technology. We’re never finished. We have to keep making it better. We can’t just sit back and say we’re done. It’s helped us maintain our position and continue to grow.”
To learn more about this Milwaukee-based business on the rise, connect with LeaseCrunch here.
