Accountancy Software Platform Ageras Group Raises $73M to Expand Its Ecosystem Further Into B2B Fintech

Ageras Group, a group of companies backed by Investcorp Technology Partners (“ITP”) that offers a range of mission-critical accountancy software solutions to small businesses, also known for their online marketplace helping business owners save time and money by comparing quotes from qualified accountants, has 73 million more reasons to continue expanding its matchmaking service globally, and acquire more businesses that make life easier for small business owners.

The Ageras Group, currently operating in six countries and with a stellar 4.6 TrustPilot score, to date has served more than 340,000 business owners worldwide. The award-winning company’s expansive network of more than 5,000 accounting professionals are availed to businesses in a risk-free quality assured capacity for any type of accounting and bookkeeping need—from annual reports and bookkeeping, to tax preparation. An entrepreneur-driven operation, Ageras understands its client’s need for a sufficient overview of your business so you can focus on the right things.

Ageras will be utilizing this recent $73 million investment round from Lugard Road Capital—a multi-billion dollar global investment fund focused on public and private companies in the Internet, software, consumer and technology sectors—to grow the business in the US and abroad, and acquire more Business-to-Business (“B2B”) software companies. Ageras also aims to begin building banking services directly into its current offerings. The company’s fully integrated, on-demand accounting ecosystem will encompass accounting talent sourcing, digital accounting services, and bank services — making them a true 360-degree platform for any business accounting and financial need. Their clients will have a one-stop dashboard from which they can control all of their company’s financial requirements — for example, time tracking, invoicing, live on-demand P&Ls, cash flows, and a myriad of bank solutions.

“By 2023, we’ll be well-positioned as a data-driven, one-stop solution for SMEs and will have our sights set on subsequent acquisitions,” said Rico Andersen, Co-founder and Group CEO. “Therefore, we will be investing our cash injection to continue growing our marketplace globally and acquiring businesses that eliminate the administrative burden of running a business, so owners can focus on growing and developing their businesses instead of maintenance.”

After being bootstrapped for five years, Ageras has been backed by ITP since 2017. ITP will continue as majority shareholders, supporting the company’s ambitions to grow towards a potential IPO. A part of the $35B AUM alternative asset manager Investcorp, ITP has led investments in other successful technology companies, such as Avira, Impero, Calligo, softgarden and Ubisense.

“Ageras makes life easier for business owners by giving them the financial tools for success. We are able to expedite and address any accounting need in an easy and accurate fashion,” said Martin Hegelund, Co-founder and Group CMO. “Beyond offering a full suite of online accounting software solutions, and soon-to-come banking solutions, our online marketplace allows businesses to find curated and pre-vetted accountants who are well-suited for their particular project and budget. Concurrently, we provide a hands-off, user-friendly, and convenient marketing solution for accountants, allowing them to spend more time running their firm and less time worrying about marketing.”

The B2B accounting and financial services market is ready for disruption, for which data is key.Driven by this recent $73 million cash infusion, Ageras will be working towards becoming a one-stop solution where B2B customers can find solutions for all of their financial service needs.

 About The Ageras Group

  • Ageras Group was founded in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund, who between them have 25 years of experience building internet companies. Before Ageras, the pair founded an online marketplace matching households with gig workers. 
  • Ageras Group started as the online marketplace (matching SMEs with accountants), but has since built the digital accounting solution Meneto and acquired the accounting software companies Billy (Denmark) and Tellow (The Netherlands). 
  • Ageras Group’s solutions have 340,000 users in total 
  • The company was bootstrapped for its first five years, until Investcorp Technology Partners acquired a majority stake in 2017. In 2020 the Dutch bank Rabobank invested in the group through its venture arm, Rabo Frontier Ventures. 
  • Ageras Group has offices in the US and across Europe and has approx. 200 employees 
  • Lugard Road Capital is a New York-based multi-billion dollar global investment fund primarily focused on public and private companies in the Internet, software, consumer, and technology sectors.


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SOURCE The Ageras Group

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