On the back of its acquisition of Berlin-based neo-bank Kontist, Danish fintech startup Ageras Group has secured €35 million in growth capital financing from CIBC Innovation Banking. The new cash infusion will drive its strategic acquisitions pipeline and to expand its suite of software tailored to small businesses.
Earlier this year, the company raised €30 million from a group of European and American investors. The round brings the total fund raised to €140 million to date.
Founded by Rico Andersen and Martin Hegelund in 2012, the Copenhagen-based startup empowers micro-businesses by offering an ecosystem around their financial needs. The platform integrates its solutions into a single cockpit for invoicing, accounting, payroll, and banking. The company has acquired accounting software Billy and Tellow, payroll software Salary, invoicing software company Zervant, and neo-bank Konist.
Talking about further acquisitions post the funding, Ageras co-founder and CEO Rico Andersen said: “CIBC Innovation Banking’s investment will help us focus on the mission to acquire companies whose tech can fit into—and enrich—Ageras’ one-and-done financial cockpit for small businesses. In the last year, we’ve acquired and added three companies to our product offering. Now, with CIBC Innovation’s investment, we’ll look to buy more, especially companies that have developed best-in-class products that either cement our position in one market or add mission-critical features that we can offer to all existing customers.”
Sean Duffy, managing director of CIBC Innovation Banking’s London office added: “Their transformation of professional accounting services has led them to become a leader in the industry attracting new clients daily.”