Danish firm Ageras raises €82m for FinTech acquisitions

By Gloria Methri

Danish FinTech Ageras, which provides accounting software to European small businesses, has completed its sixth and largest investment round to date. The oversubscribed round is a private placement totalling €82 million funding and will bolster Ageras’ acquisition opportunities in an attractive European market.

Investcorp, the two founders and other existing investors accounted for approximately 50% of the round, in addition to new names such as the Norwegian state pension fund Folketrygdfondet and the American asset manager Lazard.

“We want to make it easier to be a small business in an increasingly difficult administrative and regulatory landscape by offering a fully integrated platform where companies can manage their banking, accounting and tax in one financial cockpit,” said Rico Andersen, CEO of Ageras.

“To deliver faster on that vision, M&A is an integral part of our strategy, where we have acquired technology and thus expanded our product faster than if we built everything from scratch. Currently, we see an attractive pipeline of potential acquisitions emerging, and the ones we eye reinforce our vision and goal 100%: to become a market leader and then go public. Therefore, we have assembled a dream team of investors and are filling up the ‘war chest’ right now,” added Andersen.

Ageras was founded in 2012 as an online marketplace matching small businesses with accountants and bookkeepers. Today, it has grown into a FinTech company with approximately 250 employees and a comprehensive cloud-based software product.

With the latest record-breaking investment round, Ageras has raised almost €200 million. Market conditions have made it favourable for the Danish FinTech to continue its acquisition hunt and offer even more features to the growing customer base in its four core markets: Denmark, Germany, France, and the Netherlands.