CIBC Innovation Banking Provides €35M in Growth Capital Financing to Ageras

By: CIBC Innovation Banking via Business Wire

August 11, 2022 at 06:00 AM EDT

CIBC Innovation Banking announced today that it has provided €35 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,” said Ageras Co-founder and CEO Rico Andersen. “In the last year, we’ve acquired and added three companies to our product offering. Now, with CIBC Innovation Banking’s €35m 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 trusted by over 100,000 paying customers.

"We are delighted to be supporting Ageras as they evolve and acquire,” said Sean Duffy, Managing Director of CIBC Innovation Banking’s London, UK office. “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."

Ageras is also backed by Investcorp, Rabo Frontier Ventures (Rabobank), and Lugard Road Capital (Luxor Capital), among others.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses.

About 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. Ageras’ vision is to enable success for small businesses by simplifying their administration. By integrating its solutions into a single “cockpit” for invoicing, accounting, payroll and banking, it enables entrepreneurs to focus on running their businesses. Ageras began as the online marketplace Ageras.com (matching SMEs with accountants) and has expanded into a 350-person company offering a complete ecosystem of tools and services for SMEs. Today, Ageras Group offers cloud-based accounting software through the products Zervant, Billy and Tellow, banking through Kontist and payroll software through Salary. In late 2021, the group launched an embedded fintech service providing financing options to its customers directly through its software. Ageras’ solutions have been used by more than 1 million small businesses across Europe and the U.S. For more information, visit www.ageras.group.