Birmingham technology firm Synapse has secured £1.2 million new funding.
The company, which helps clients re-engineer spreadsheets to meet the stringent demands placed on financial reporting, has agreed the new capital with a string of investors.
Synapse, which is based at Innovation Birmingham Campus, was initially only hoping to raise £300,000 but the additional capital will now enable the company to create 20 more jobs to take advantage of new opportunities and invest in R&D.
The team is currently developing a new accounting system which it claims has the potential to save businesses thousands of pounds every year in professional fees.
Founder and chief executive Brian Donnelly said: "This fundraising round has been four times as successful as we anticipated.
"The technology never fails to impress would-be investors and delivers a quick-to-deploy solution that is helping businesses to make strategic decisions, more quickly and with more accuracy."
Synapse has worked with investment platform Shadow Foundr and advisory practice Central Business Finance on the fundraising.
Heath Lansbury, chief commercial officer for Shadow Foundr, said: "Synapse is doing something totally different in the corporate performance management sector and is helping to solve the massive problems associated with reports.
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"The company is exceeding all milestones due to the vision and commitment of the founders and the highly qualified and passionate team.
"The fact that Synapse had already generated £5 million in revenue was a positive sign for our investor network from the outset."
Central Business Finance director Alison Bradley added: "Achieving this funding package is a significant win for Synapse and the Midlands in general, providing the region with additional employment opportunities, a stronger economic output and confirming that the West Midlands is a thriving, progressive area to live and work.
"We are proud to have been able to assist Brian to achieve his expansion plans."