Agicap Raises $100 Million to Conquer European SMEs
The French fintech company Agicap has just completed a financing round. During the round, the company raised $100 million from Greenoaks Capital and BlackFin Capital Partners, and Partech. Agicap’s financing round comes just after another French startup, ContentSquare, raised a record $500 million in a week that has been very busy for French venture capital.
The third round of financing was successfully completed by Agicap. The Lyon-based startup, publisher of a SaaS cash management solution for SMEs, has announced a new round of financing of $100 million from Greenoaks Capital and BlackFin Capital Partners, and Partech, its historical investors.
Founded in 2016, Agicap had already attracted $2.5 million in seed funding two years ago and $18 million last year. These three deals totaling $121 million bring its current valuation to over $500 million. This is one of the largest Series B, a fintech company raises of all time in Europe, the company said in its release.
If you want to read more about the last financing round completed by Agicap, publisher of a SaaS cash management solution for SMEs, download for free our companion app. The Born2Invest mobile app keeps its readers up to date with the latest financial news in the world
How Agicap supports SMEs
Agicap’s financing round comes just after another French startup, ContentSquare, raised a record $500 million in a week that has been very busy for French venture capital.
For Agicap, this financial contribution is an opportunity to consolidate its foundations after a fast-paced launch phase. In less than twelve months, its workforce has grown from 8 to more than 200 people and its turnover has increased tenfold, reaching 5 million euros in 2020. Above all, it has given the company the means to achieve its international ambitions, following the deployment already initiated in Germany, Spain, Italy and the Netherlands.
“This new round of financing comes at a key moment in our development. It reflects our determination to make Agicap the European leader in our market and will enable us to further accelerate our international presence with the opening of 10 new countries in the coming months,” said CEO Sébastien Beyet. “We are going to recruit massively in France and abroad,” added Clément Mauguet, in charge of global development. The editor plans to reach the 1000 employees mark in the next two years.
With several thousand customers (including Meero, Ornikar, Prestashop, Henaff, Blend Burger, Wyz Group, etc.), the Lyon-based startup has its sights set on a potential market of 10 million SMEs in Europe. The massive fundraising should help it to realize its ambitions, as well as the new management constraints that the pandemic is placing on SMEs.
“This period of confinement confirms, more than ever, that “Cash is king” for SMEs and Agicap supports them in their day-to-day decision-making by providing them with a reliable vision of their cash flow,” said Gabrielle Thomas, Investment Director at BlackFin Capital Partners. This is a good explanation for the insolent success of this Lyon-based nugget.
(Featured image by Pepi Stojanovski via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in ChannelNEWS, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Witti Finances Launches Activities in Ouagadougou
Through the official launch of its activities on March 21st, 2023, Witti Finances is now part of the Burkinabe banking...
Trichome Pharma Prepares a Greenhouse in Andalusia to Grow Medical Cannabis
Trichome Pharma envisions a greenhouse that will produce 20,000 seedlings per month. Among its agreements for the development of R&D...
AstraZeneca Increases Its Commitment to Spain with More Investments
AstraZeneca’s commitment to the Spanish territory can also be seen in the creation of infrastructure since it has allocated a...
Italian-Irish Startup HTMS Closes $15 Million Round
HTMS has developed technology that can improve the energy efficiency and thermal capacity of heating and cooling systems for industrial...
The Market for CBD Skincare Products Is Gaining Popularity
The Asia-Pacific (APAC) region will see significant CAGR growth over the forecast period 2022-2027, as China is one of the...