Danish fintech Ageras, which provides accounting software to over 300,000 active European small businesses, has completed its sixth and largest investment round to date.

The round is a private placement totalling €82m and is oversubscribed with overwhelming commitments from both new and existing investors; to increase Ageras’ acquisition opportunities in an attractive European market.

Amongst others, Investcorp has accounted for approximately 50% of the round, in addition to new names such as the Norwegian state pension fund Folketrygdfondet and the American asset manager Lazard.

Ageras has raised a total of almost €200m

Ageras’ CEO, Rico Andersen, said: “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.

“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.”

Despite the company announcing towards the end of 2023 that it did not need to raise further funds. However market conditions have made it favourable for the Danish fintech to continue its acquisition hunt.

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Gilbert Kamieniecky, Head of Private Equity Europe at Investcorp, commented: “We remain impressed with the growth and strategic development of Ageras since our first investment in 2017. Therefore, we are excited to lead this investment round which enables more accretive M&A to expand the product offering and gain market share.”