Accounting software developer Ageras records $34m investment

Ageras, which aims to resolve admin burdens for small businesses, has collected $34m (€30m) in fresh funding.

The deal was backed by seven first-time Ageras backers, including Centripetal Capital and Saeid Esmaeilzadeh. Existing Ageras investors Investcorp Technology Partners, Lugard Road Capital and Roosgruppen, also joined the round.

This investment will help the company expand the reach of its platform.

Ageras, which employs 250 people across Europe and the US, plans to use the funds to continue acquiring FinTech companies.

The company previously raised $73m in funding in early 2021 from Lugard Road Capital. Since then, it has expanded its product suite to include payroll services, freelance invoice management and more.

Ageras offers a variety of financial service tools, including accounting, bookkeeping, tax preparation and auditing.

Speaking on the fundraise, Ageras Group CEO and co-founder Rico Andersen said, “This is a big milestone for us, but it’s not our destination. 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 U.S., giving them a single, centralized destination for nearly all their needs—bookkeeping, accounting, payroll services, invoicing and now financial services.”

Investcorp Technology Partners acquired a majority stake in Ageras back in 2017. This kickstarted a growth boost for Ageras, helping it growing its marketplace into a subscription-based accounting and FinTech services platform.

In 2020, Rabobank’s venture division invested into Ageras to help it bolster its offering. As a result, the FinTech company released embedded FinTech services that give flexible financing to SMEs.

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