With strong organic growth, several strategic acquisitions and a $73 million seed round in 2021, Denmark-based Ageras has grown from an accounting market to a full ecosystem including accounting, payroll and banks supply more than one million SMEs. Now he envisions more mergers and acquisitions and a $420 billion global market.
COPENHAGEN, Denmark–(BUSINESS WIRE)–#accounting– Ageras Group today announced that it has closed a €30 million ($34 million) funding round raised from a group of European and American investors. Among seven new investors, Centripetal Capital and Saeid Esmaeilzadeh are participating and joining existing investors Investcorp Technology Partners, Lugard Road Capital and Roosgruppen, who are all participating in the round. The capital will help Ageras accelerate the expansion of its small business-focused financial services software and accounting market.
“This is a big step for us, but it’s not our destination,” said Rico Andersen, CEO and co-founder of Ageras Group. “What started as an online marketplace for small business owners to find accountants in Denmark has now expanded into a financial cockpit used by over a million SMEs across Europe and the United States. , giving them a single, centralized destination for almost all of their needs: bookkeeping, accounting, payroll, invoicing, and now financial services.
With strong retention rates, strong organic growth and several acquisitions, the founders of Ageras Group plan to focus on expansion in Scandinavia, Germany, France and the United States. Since raising $73 million from New York-based investment fund Lugard Road Capital in early 2021, Ageras Group has expanded its suite of fintech software tools to include payroll services and expense management software. invoices focused on freelancers through the acquisition and integration of two products: Salaire and Zervant, last year.
“There are tens of millions of freelancers and small business owners who don’t want to spend their valuable time and energy on tedious background processes, especially those that can be automated,” said Martin Hegelund. , co-founder of Ageras Group and CMO. “That’s where Ageras Group comes in. Our ecosystem makes life easier for small business owners, and our business grows as their businesses grow. As they grow, their use of our products deepens.
Ageras Group, which employs 250 people in Europe and the United States, plans to continue to aggressively acquire other fintech software startups with its latest round. In 2017, global private equity firm Investcorp Technology Partners acquired a majority stake in the Copenhagen-based startup. Over the next few years, Ageras grew from a marketplace to a subscription-based accounting and fintech services platform, launching and acquiring a set of accounting software solutions. More recently, Ageras Group acquired Zervant, a leading global invoicing software platform.
In 2020, Rabo Frontier Ventures, Rabobank’s venture capital fund, invested in Ageras to support its fintech bet. Soon after, Ageras Group launched its own integrated fintech solution offering flexible financing to its SME clients. The Ageras Group’s credit decisions are based on its own accounting data, which significantly reduces lending risks and, therefore, offers more competitive rates to its customers.
“We feel fortunate to allow SMEs in Europe and the United States to run their business and grow on their own terms,” said CEO Rico Andersen, who expects strong organic growth and focused on mergers and acquisitions of the Ageras group continues.
“Our reason for reinvesting in Ageras Group comes down to the proven team, strong products and their successful traction in a more than $400 billion market,” said Doug Friedman, partner at Lugard Road Capital. “They are about to become one of Europe’s next unicorns.”
About Ageras Group
Ageras Group was founded in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund, who between them have 25 years of experience building internet companies. The vision of the Ageras group is to enable the success of small businesses by simplifying their administration. By integrating its solutions into a single “cockpit” for invoicing, accounting, payroll and financing, it allows entrepreneurs to focus on running their business. Ageras Group began as online marketplace Ageras.com (connecting SMEs with accountants) and has grown into a 250-person company offering a comprehensive ecosystem of tools and services for SMEs. Today, Ageras Group offers cloud-based accounting software through Zervant, Billy and Tellow products and payroll software through Salary. At the end of 2021, the group launched an integrated fintech service offering financing options to its customers directly through its software. Ageras Group solutions have been used by over 1 million small businesses in Europe and the United States