Pennylane, the French accounting software unicorn, has raised €75m in a funding round co-led by Sequoia Capital, Alphabet’s CapitalG, and Meritech Capital Partners, with DST Global also participating.
CapitalG, which is Alphabet’s venture unit, and Meritech are first-time investors in Pennylane.
Pennylane hit unicorn status last year after raising $43 million.
Pennylane's valuation has now doubled to around $2.2bn.
Pennlylane is banking on European businesses increasingly adopting electronic invoicing.
Founded in 2020, Pennylane aims to become a key financial management and accounting platform for startups, SMEs, and their accountants.
The offer centralises companywide financial data and provides up-to-the-minute data to help drive decisions, ultimately freeing up accountants to focus more on a consultancy role, rather than data chaser.
The funding will be used, partly, to oversee European expansion beyond France. It also plans to grow headcount from 550 to 800 by the end of 2025.
Arthur Waller, CEO and co-founder (pictured), said "This fundraising demonstrates the trust our investors have in us and confirms our ambition to make Pennylane the go-to solution for integrated financial management and electronic invoicing.”
Sequoia partner Luciana Lixandru said: "We’re excited to lead this round and support Pennylane to deliver even greater impact for businesses and their trusted accountancy firms.
"With e-invoicing reforms rolling out in France and across Europe, many companies are just beginning their digitization journey. This presents a massive opportunity, and Pennylane is perfectly positioned to seize it."
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