Rabo Investments is pleased to announce the € 82m fundraising of Ageras, a Danish FinTech in which Rabo Investments Corporate Venturing (RICV) is invested in since 2020. The capital injection will accelerate the company international growth and enable additional acquisitions.
Ageras, which provides accounting software to over 300,000 European small businesses, has today finalized its sixth and largest investment round to date. The oversubscribed private placement was joined by both new and existing investors and serves to increase Ageras acquisition opportunities in a highly attractive European market.
Approximately 50% of the round was provided by Investcorp, together with the two founders and other existing investors. New investor include the Norwegian state pension fund Folketrygdfondet and the American asset manager Lazard, says Ageras CEO, Rico Andersen, who confirms that negotiations are already underway with several potential acquisition targets: “We want to make it easier to be a small business in an increasingly difficult administrative and regulatory landscape by offering a fully integrated platform where companies can manage their banking, accounting and tax in one financial cockpit”, says Rico Andersen.
The Ageras CEO continued, “to deliver faster on that vision, M&A is an integral part of our strategy, where we have acquired technology and thus expanded our product faster than if we built everything from scratch. Currently, we see an attractive pipeline of potential acquisitions emerging, and the ones we eye reinforce our vision and goal 100% to become market leader and then go public. Therefore, we have assembled a dream team of investors and are filling up the war chest right now”
In 2023, Ageras achieved positive EBITDA for the first time and concluded the fiscal year with an impressive Annual Recurring Revenue (ARR) of € 41 million, surpassing the previous year’s € 27 million.
About Ageras
Ageras was founded in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund, who between them have 25 years of experience in building internet companies. Ageras Group started as the online marketplace Ageras.com (matching SMEs with accountants and bookkeepers), however, has today grown into a FinTech company with approximately 250 employees and a comprehensive cloud-based software product. This additional € 82m funding round brings their total capital raised to € 200m
