Sibill Secures €12 Million Funding to Enhance Financial Management for SMEs
Milan-based fintech Sibill has successfully raised €12 million in its latest funding round, focusing on financial and administrative management solutions for small and medium-sized enterprises (SMEs).
Investment Details
The funding round was spearheaded by the European Capital Fund Creandum, along with participation from Keen Venture Partners and several commercial angel investors, both from Italy and abroad. With this latest round, Sibill has increased its total funding to €18.7 million, following a previous raise of €6.2 million in June 2024.
Transforming Administrative Management
Founded in 2021 by Mattia Montepara, Lorenzo Liguori, and Dario Prencipe, Sibill has developed a platform designed to simplify the financial and administrative management for SMEs. The platform centralizes key functions such as invoicing, payments, and deadlines, while integrating banking cash flows and government exchange systems. Its use of AI automates manual tasks, significantly streamlining operations for its users.
Customer Impact
Currently, Sibill serves over 2,600 clients in Italy, with users reporting a weekly saving of more than five hours on deadline management. The company boasts a workforce exceeding 50 employees and aims to expand its team by the end of 2025 in line with its growth plans.
Strategic Use of Funds
The newly acquired funds will enable Sibill to broaden its market reach, particularly with the launch of a solution tailored for accounting firms. This innovative solution will automate crucial processes such as data collection, purchasing documentation, and banking reconciliation, empowering accountants to manage SME financial records more efficiently.
Enhancing Platform Development
In addition to targeting accountants, Sibill plans ongoing platform enhancements, including automating payments to tax authorities, suppliers, and employees. These upgrades will support bulk transactions, reducing manual labor and the potential for errors, ultimately enhancing user experience and productivity.
Vision for the Future
Mattia Montepara, Sibill’s CEO and co-founder, emphasized the importance of this funding round: “This capital increase will allow us to further develop our platform, introduce exciting new features, and establish strategic partnerships that support our growth.” He highlighted the potential for Italian SMEs to become more productive and competitive with the right tools.
About Creandum: The Leading Investor
Creandum, founded in 2003, is a prominent pan-European venture capital firm focused on early-stage investments. Its extensive portfolio boasts over 150 companies across various sectors, including industry leaders like Spotify, Klarna, and Trade Republic. Johan Brenner, general partner at Creandum, commented on the opportunity Sibill presents, stating, “The combination of a large market with current providers offering subpar user experiences creates a significant opportunity. Sibill is just the beginning of further investments we will make in Italy as the tech ecosystem continues to grow.”
As Sibill sets out to become the go-to platform for financial and administrative operations for SMEs in Italy, the support from Creandum and other investors will enable them to achieve their ambitious goals.