Singapore-based Multiplier has raised $35 million in a Series B funding round led by San Francisco-based The General Partnership as the company expands its acquisition strategy for professional services firms and builds artificial intelligence tools for the sector.
Ribbit Capital and existing investor Lightspeed Venture Partners also participated in the financing, the company said Tuesday.
Founded by former Stripe executive Noah Pepper, Multiplier acquires accounting and other specialised professional services firms while allowing them to retain their brands, leadership, and operating independence. The company develops proprietary AI tools for the firms to automate administrative work and improve productivity.
The fresh capital will be used to fund additional acquisitions and expand the company’s technology and operating teams.
Multiplier has acquired eight firms to date, including five over the past year, and has another four acquisitions under signed term sheets. Its network serves clients across more than 10 countries.
The company also appointed former Slack chief financial officer Allen Shim as president and CFO. Shim, who helped take Slack public before its acquisition by Salesforce, will oversee finance, operations, partnerships and human resources, as well as lead the expansion of Multiplier’s San Francisco office.
Pepper said recent advances in AI allow professional services firms to automate more preparatory and administrative work while keeping human experts responsible for advice and client relationships.
The company is structured as a permanent holding company rather than a traditional roll-up, providing acquired firms with long-term capital, shared infrastructure, and AI capabilities while allowing founders to continue running their businesses.
“Accounting is a large, durable market that has long been constrained by expert capacity,” said Anthony Kline, Partner at The General Partnership. “Multiplier is not trying to replace the professionals clients trust. It is building technology into the firms themselves so those professionals can serve more clients, respond faster and spend more time on work that requires judgment.”
