Ageras Group, a Danish fintech startup, announced on Thursday that it has secured €35M in growth capital financing from CIBC Innovation Banking.
Earlier this year, the Copenhagen-based company raised €30M from a group of European and American investors. The round brings the total fund raised to $145M (approximately €140M) since 2021.
The latest funding announcement comes a few days after acquiring Berlin-based neo-bank Kontist, its third acquisition in the last 12 months.
Fund utilisation
Ageras Group will use the funds to accelerate its strategic acquisitions pipeline and to expand its suite of software tailored to small businesses.
“CIBC Innovation Banking’s investment will help us focus on the mission: acquiring companies whose tech can fit into—and enrich—Ageras’ one-and-done financial cockpit for small businesses,” says Ageras Co-founder and CEO Rico Andersen.
He adds, “In the last year, we’ve acquired and added three companies to our product offering. Now, with CIBC Innovation Banking’s €35m investment, we’ll look to buy more, especially companies that have developed best-in-class products that either cement our position in one market or add mission-critical features that we can offer to all existing customers.”
Ageras Group: What you need to know
Founded by Rico Andersen and Martin Hegelund in 2012, Ageras Group empowers micro-businesses by offering an ecosystem around their financial needs. The platform integrates its solutions into a single “cockpit” for invoicing, accounting, payroll, and banking.
Ageras Group started as the online marketplace Ageras.com (matching SMEs with accountants) but has since acquired accounting software Billy and Tellow, payroll software Salary, invoicing software company Zervant, and neo-bank Konist.
Tellow, is based out of Amsterdam and offers an automated accounting programme specially designed for micro-businesses and freelancers. According to Tellow, it helps users to control their own records at all times, by making their accounts understandable. Users can use its app to send quotes and invoices and keep track of their finances. They can also scan their receipts and invoices, after which they can submit each quarter in the VAT return to the tax authorities in one click, claims the company.
The Danish company was bootstrapped for its first five years until the global private equity firm Investcorp Technology Partners acquired a majority stake in 2017.
In 2020 the Dutch bank Rabobank invested in the group through its venture arm, Rabo Frontier Ventures. In 2021 Ageras Group raised $73M from New York-based investment fund Lugard Road Capital.
Ageras Group has offices in the US and across Europe and has around 350 employees. The group claims that more than 1 million small businesses have used its solutions in Europe and the US.
Investors
Based out of Toronto, Canada, CIBC Innovation Banking delivers strategic advice, cash management, and funding to innovative companies across North America, the UK, and select European countries at each stage of their business cycle, from the startup to IPO and beyond.
“We are delighted to support Ageras as they evolve and acquire,” says Sean Duffy, Managing Director of CIBC Innovation Banking’s London, UK office. “Their transformation of professional accounting services has led them to become a leader in the industry attracting new clients daily. CIBC is proud to be involved in Ageras’ exciting journey ahead.”
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