Liquid Accounts, http://liquid.current, the Yorkshire based developer of on-line Cloud accounting software, delivered as Software as a Service (SaaS), has raised £600k to allow the company to continue its expansion plans.

Launched in 2010, Liquid have developed the most comprehensive cloud accounting solution on the market for small and medium enterprises (SME’s) and it is now the product of choice for thousands of users. Unlike the plethora of Cloud based on-line bookkeeping systems Liquids solution is a full accounting package at a similar price point as the entry level bookkeeping solutions.

The £600k has been raised from existing investors, including the Aspire Fund and 2 new High Net Worth investors.

Liquid Chair, Richard Doyle commented: ‘we deferred our next round of fund raising until we had appointed an experienced CEO. Colin Meakin was appointed late last year. Colin’s background and experience has already helped us grow the business and source the right funding options.

New Liquid CEO, Colin Meakin stated: ‘This funding represents a major milestone for Liquid, allowing us to pursue our product enhancement and marketing plans to rapidly grow the company. Our efforts to date have proved that there is a substantial market for our software and this cash injection will allow us to quickly exploit that. It is an endorsement of the quality of the solution and the market potential that we received a number of funding offers from a variety of specialist providers. ‘

Cloud services is a large and buoyant market; UK SMEs spent £203million last year alone which is forecast to grow to £547million by 2015*.

* Source: Research conducted by Cloud Pro