Financial “cockpit” for SMEs Ageras raises €30m
Denmark-based Ageras Group has closed a €30 million ($34 million) round raised from a group of European and American investors.
New investors are Centripetal Capital and Saeid Esmaeilzadeh. They join existing investors Investcorp Technology Partners, Lugard Road Capital and Roosgruppen, which all participated in the round.
Doug Friedman, partner at Lugard Road Capital, says Ageras is “poised to become one of Europe’s next unicorns”.
“This is a big milestone for us, but it’s not our destination,” says CEO and co-founder Rico Andersen.
“What started as an online marketplace for small business owners to find accountants in Denmark has now expanded into a financial cockpit used by more than one million SMEs across Europe and the US, giving them a single, centralised destination for nearly all their needs – bookkeeping, accounting, payroll services, invoicing and now financial services.”
In late 2021, Ageras launched an embedded fintech service providing financing options to its customers directly through its software.
The firm plans to use the new funds to expand in Scandinavia, Germany, France and the US.
Since raising $73 million from New York-based investment fund Lugard Road Capital in early 2021, Ageras has grown its suite of fintech software tools to include payroll services and freelancer-focused invoice management software through its acquisition and integration of two products – Salary and Zervant – last year.
The company says it “plans to continue aggressively acquiring other fintech software start-ups”.
“There are tens of millions of freelancers and small business owners out there who don’t want to spend their precious time and energy on tedious backroom processes, especially ones which can be automated,” comments co-founder and CMO Martin Hegelund.
Ageras was founded in 2012. It currently employs 250 people across Europe and the US.