Ageras Group, founded in 2012 and based in Copenhagen, builds a single cockpit that integrates invoicing, accounting, payroll and banking for micro-businesses. The company has grown via acquisitions, adding accounting software Billy and Tellow, payroll software Salary, invoicing software Zervant, and Berlin-based neo-bank Kontist. Earlier this year it raised €30 million from a group of European and American investors. On the back of the Kontist acquisition, Ageras secured €35 million in growth capital financing from CIBC Innovation Banking. The new capital is earmarked to drive its strategic acquisitions pipeline and expand its suite of software tailored to small businesses. Leadership says the funding will target companies with best-in-class products that either cement market position or add mission-critical features for all customers. Ageras Group provides a centralized financial cockpit and subscription-based accounting and fintech services for small businesses, integrating invoicing, accounting, payroll and financing. Its product suite includes cloud-based accounting software Zervant, Billy and Tellow and payroll software Salary, and it has integrated acquisitions such as Zervant and Salary. The group launched an embedded fintech service in late 2021 that offers financing to customers, with credit decisions based on proprietary accounting data. Ageras says it serves more than 1 million SMEs across Europe and the U.S. and employs about 250 people. The company cites strong retention rates, high organic growth and growth via acquisitions, and plans to continue aggressive M&A and expand further in Scandinavia, Germany, France and the United States. Ageras operates a dual-purpose platform combining an online marketplace that matches SMEs with accountants and an in-house bookkeeping/accounting software stack (Meneto) augmented by acquisitions. The company has acquired Danish product Billy and Dutch product Tellow to expand its software offering. Ageras reports having passed 340,000 users across Denmark, the U.S., Sweden, Norway, the Netherlands and Germany. Founded in 2012 and initially bootstrapped, it later attracted investors including Investcorp (which took a majority stake in 2017) and Rabo Bank. The business has emphasized recurring revenue and R&D as drivers of growth. Management plans to use new funding to expand into additional countries, new customer segments and add more services via organic growth and acquisitions.

Total raised

$143M

Funding rounds

3

Latest round

Equity

Latest activity

Aug 2022