Fintech founded in Denmark Ageras announced today that it has lifted 82 million euros for new acquisitions in an oversubscribed private placement round that brings the company’s funding to nearly €200 million.
Ageras was founded in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund as an online marketplace connecting small businesses with accountants and bookkeepers. Today, however, it has has grown into a fintech company with approximately 250 employees and a comprehensive cloud-based software product.
Ageras pprovides accounting software to over 300,000 active European small businesses. By integrating its solutions into a single cockpit for invoicing, accounting, payroll, banking and finance, it allows business owners to focus on running their business.
This increase will help the company finance new acquisitions. According to the CEO Rico Andersen, Negotiations are already underway with several potential acquisition targets:
We want to make life easier for small businesses in an increasingly challenging administrative and regulatory landscape by offering a fully integrated platform where businesses can manage their banking, accounting and taxes in a single financial cockpit.
To realize this vision more quickly, mergers and acquisitions are an integral part of our strategy. We have acquired technology and thus developed our product more quickly than if we had built everything from scratch.
Currently, we see an interesting pipeline of potential acquisitions emerging, and the ones we are considering 100% reinforce our vision and goal: to become the market leader and then go public.
Ageras achieved positive EBITDA for the first time in 2023, ending the year with a record ARR (Annual Recurring Revenue) of €41 million compared to €27 million in 2022.
Investcorp led the financing which included investments from Folketrygdfondet and Lazard.
According to Gilbert Kamieniecky, Head of Private Equity Europe at Investcorp:
We remain impressed with Ageras’ growth and strategic development since our first investment in 2017. Therefore, we are delighted to lead this investment round, which enables more cost-effective M&A to expand product offerings and gain market share.
Main image: Ageras founders Rico Andersen and Martin Hegelund. Photo: uncredited.