Danish fintech Ageras secures €82m to accelerate growth and M&A activities

Ageras Group, a leading Danish fintech company known for its comprehensive accounting software, has successfully closed its sixth and largest funding round, amassing a total of €82 million in a private placement. This investment round was notably oversubscribed, demonstrating strong confidence from both new and existing investors in Ageras’ growth trajectory and strategic vision.

Investment Details and Strategic Plans

The investment was co-led by Investcorp, along with significant contributions from Ageras’ co-founders and longstanding investors, accounting for about 50% of the funding. Notable new investors include Folketrygdfondet, the Norwegian state pension fund, and Lazard, an American asset management firm. This influx of capital is earmarked for enhancing Ageras’ acquisition strategy within the lucrative European market.

According to Ageras’ CEO, Rico Andersen, the company is already engaging 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,” Andersen stated.

Expansion and Market Leadership Goals

The recent funding round brings Ageras’ total raised capital to nearly €200 million since its inception in 2012. Founded by Rico Andersen and Martin Hegelund, Ageras has evolved from a simple online marketplace connecting small businesses with accountants to a robust fintech entity with around 250 employees and a broad cloud-based software offering.

The company has set ambitious goals to elevate its Annual Recurring Revenue (ARR) to €100 million, a significant jump from its current ARR of €41 million, recorded at the end of fiscal year 2023. Achieving this milestone is expected to pave the way for a potential Initial Public Offering (IPO).

Investor Confidence and Future Outlook

Gilbert Kamieniecky, Head of Private Equity Europe at Investcorp, expressed enthusiasm for Ageras’ consistent growth and strategic initiatives since their initial investment in 2017. “We remain impressed with the growth and strategic development of Ageras. Therefore, we are excited to lead this investment round which enables more accretive M&A to expand the product offering and gain market share,” Kamieniecky noted.

The successful closure of this funding round reflects a robust endorsement of Ageras’ market position and its strategy to integrate more comprehensive services for its clientele, enhancing its leadership aspirations in the fintech sector.