France-based cashflow management firm Agicap raised $100m in a funding round led by Greenoaks – which has previously invested in Brex, Deliveroo, Robinhood, Coupang, Airtable and Discord.
The funding round, which took its valuation to $500m, also witnessed existing investors BlackFin Capital Partners and Partech participate in the round.
The funding round comes one year after the company’s $18m Series A round funding which was led by Partech Partners, and less than two years after the Seed round led by BlackFin Capital Partners. Since Agicap’s inception in 2016, the company has raised a total funding of $121m.
Founded by Sébastien Beyet, Clément Mauguet and Lucas Bertola, Agicap builds SaaS products for SMEs that leverage multiple data sources, including open banking data, to support management teams making strategic financial decisions.
The company’s software provides businesses insight into their cash flow and burn models, and offers information they need to make decisions about their operations. According to the company, it offers cash flow forecasts from one to 12 months, real-time monitoring of cash flow, customised reporting, among others.
Agicap has developed integrations with accounting software and invoicing tools. For instance, companies which rely on Microsoft Excel to figure out their cash position, can connect the bank accounts to Agicap for real-time monitoring instead of exporting .csv files from their bank accounts.
The company recently opened new offices in Germany, Spain, Italy and the Netherlands and saw 50% revenue growth. With its headcount increasing from 30 to more than 200 employees in less than 12 months – a figure it intends to grow to 1,000 within 2 years – its revenues have grown 10 fold during this same period. The company currently has over 3,000 existing clients that operate in a variety of industries such as hotels and restaurants, transportation, shops and industrial businesses. Some of the clients include Meero, Ornikar, Prestashop, Henaff, Blend Burger and Pizza Hut among others.
Commenting on the round, Beyet said, “This Series B comes at a key moment in our development. It demonstrates our will to make Agicap the European leader in our market and will allow us to further accelerate our international presence, launching in ten new countries in the coming months.”
Building on the firm’s future plans, Bertola added, “Our ambition is also technological. We want to make Agicap the global financial management solution for SMEs in Europe. We thus want to help all managers make the right decisions and gain serenity.”
Greenoaks partner Neil Shah believes the company is solving an essential pain point and that was the key reason for investing in it. He said, “Agicap provides businesses clarity on their most important resource: cashflow. They’ve shown remarkable traction with SMBs in multiple European markets and by solving a problem all businesses face, we believe they have a huge potential market in front of them.”
Echoing a similar sentiment, BlackFin Capital Partners investment director Gabrielle Thomas said, “Backing Agicap since the Seed investment, less than 2 years ago, has been an incredible adventure; from 8 employees to 200, the founders’ ambition is stellar. The lockdown period confirmed how much cash is king especially to SMEs; Agicap is supporting them for sure as a reliable compass.”
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