Centuro Global – an AI-powered platform that helps companies to expand overseas – has raised £3.3m from Mercia to support its rapid growth.
Centuro offers businesses a quick way to comply with local regulations in areas ranging from setting up a new company to immigration, HR, legal, tax and accounting issues.
The platform covers over 150 different countries and provides a cost-effective alternative to using larger consultancy firms. Clients range from small businesses who need one-off advice to large corporates who use it on an ongoing basis to support their operations overseas.
Centuro was set up by Asma Bashir, who had previously founded and exited immigration service provider Newland Chase, and Zain Ali, a lawyer who has advised multinationals including Apple, Nokia and Universal Music. They launched the platform in early 2022. Since then monthly revenues have grown tenfold.
The funding will enable the London-based company to further develop its platform. It also expects to more than double the size of its 16-strong team by the end of the year including a number of key management appointments.
“Global expansion is complex, with confusing local laws, complicated taxes and hefty fines for those who fail to play by the rules,” said Ali.
“Centuro cuts through the complexity, eradicating the need for expensive consultancy services. We’re disrupting the dominance of the larger players in the market, giving ambitious businesses a simple solution that saves them time and money, reduces compliance risks and helps them win in new markets and in the war for global talent.
“The funding will enable us to further develop our technology and accelerate our growth as we seek to establish ourselves as a leader in the global expansion space. We believe Centuro has the potential to transform the way companies approach international markets, unlocking new opportunities and growth potential.”
Mercia was investing from its Northern Venture Capital Trusts (VCTs).
Adam Watts, investment manager at Mercia, added: “With the trend to ‘working from anywhere,’ more companies are finding themselves managing distributed teams and having to navigate complex legislation.
“Centuro’s ‘expansion as a service’ model helps businesses operating overseas to make informed decisions quickly. The company has grown revenues rapidly since launching its platform last year and we believe it has huge potential to establish itself as a category leader in this space.”