Participated · Equity · Apr 2024

Founded in 2012 by Rico Andersen and Martin Hegelund, Ageras began as an online marketplace matching small businesses with accountants and bookkeepers and has evolved into a fintech with a comprehensive cloud-based software product. The company employs approximately 250 people and serves over 300,000 active European small businesses. Its platform integrates invoicing, accounting, payroll, banking and finance into a single financial cockpit. Ageras has pursued growth through M&A, acquiring technology to expand its product faster than building from scratch. Management says M&A will remain integral to its strategy as it targets market leadership and an eventual IPO. Financially, Ageras reached positive EBITDA for the first time in 2023 and reported a record ARR of €41 million, up from €27 million in 2022. Ageras began in 2012 as a marketplace matching SMEs with accountants and has expanded into a suite of cloud-based financial tools that the company describes as a single “cockpit” for invoicing, accounting, payroll and banking. Its product line includes Zervant, Billy, Tellow (accounting), Kontist (banking) and Salary (payroll), and in late 2021 the group launched an embedded fintech service to provide financing through its software. The company says its solutions have been used by more than 1 million small businesses across Europe and the U.S. and that it is trusted by over 100,000 paying customers; it now operates as a roughly 350-person company. Ageras has moved into the broader $420 billion fintech market with its integrated SME offerings. Going forward the company is prioritizing strategic acquisitions to add mission‑critical features and expand market positions. Ageras evolved from an online accountant marketplace into a full-stack financial cockpit that integrates accounting, payroll, invoicing and embedded financing for small businesses. Its platform includes cloud-based products such as Zervant, Billy, Tellow and Salary, and its embedded fintech offers financing powered by proprietary accounting data. The company says its software powers more than 1 million SMEs and it employs about 250 people across Europe and the U.S. Ageras reports strong organic growth, high retention rates and has expanded via several strategic acquisitions, including Zervant. Management plans further geographic expansion in Scandinavia, Germany, France and the United States and intends to pursue additional M&A to broaden its fintech and software suite. The group positions itself to capture a multibillion-dollar SME market by deepening product usage as customers scale. Ageras is a Copenhagen-based company that provides accountancy software and solutions to SMEs and accounting firms. Founded in 2012, it bootstrapped for five years before Investcorp acquired a majority stake. The company operates in Sweden, Norway, the Netherlands, Germany and the US. According to Crunchbase, Ageras has made two acquisitions: Billy APS and Tellow. Ageras raised $73 million from Lugard Road Capital to fund further growth and expand its accountancy tools abroad. Management says the investment will help the firm capitalise on rising demand for automated business tools.