Belgian investment firm Fortino Capital has invested €20 million and taken a majority stake in Brussels software company MobileXpense.
MobileXpense, founded in 2000, builds travel and expense management software that integrates with other ERP systems. It has clients in the public and private sector. The next steps for the company involve expanding internationally and reaching more SMEs with its product.
“We have developed a strong foundation in global expense management software solutions, following years of hard work out of the spotlights,” said Xavier Deleval, CEO of MobileXpense. “Fortino Capital will guide us in our next steps to strengthen our commercial organisation and accelerate our product development.”
Fortino has a particular focus on B2B SaaS companies at the growth stage. This marks the first investment for the firm from its new €200 million Fortino Capital II Growth fund that was launched earlier this month. It will be investing in startups with ticket sizes between €5 million and €25 million for both minority and majority stakes.
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