CIBC Innovation Banking provided €35 million ($35.9 million) in growth capital financing to Ageras to accelerate the Copenhagen-based company’s strategic acquisitions pipeline and to expand its suite of software tailored to the demands of small businesses.
“CIBC Innovation Banking’s investment will help us focus on the mission: acquiring companies whose tech can fit into — and enrich — Ageras’ one-and-done financial cockpit for small businesses,” Rico Andersen, co-founder and CEO of Ageras, said. “In the last year, we’ve acquired and added three companies to our product offering. Now, with CIBC Innovation Banking’s €35 million 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.”
After first launching in 2012 as a marketplace for small business owners to find accountants, Ageras has expanded far beyond, venturing into the $420 billion market for financial tech with its suite of software. Something like a financial cockpit for small businesses, Ageras’ product line includes SME banking, accounting, invoicing and payroll software used by more than 100,000 paying customers.
“We are delighted to be supporting Ageras as they evolve and acquire,” Sean Duffy, managing director of CIBC Innovation Banking’s London office, said. “Their transformation of professional accounting services has led them to become a leader in the industry attracting new clients every day. CIBC is proud to be involved in Ageras’ exciting journey ahead.”