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Left to right – Sébastien Beyet, Lucas Bertola, Clément Mauguet | Image credit: Agicap

Lyon, France-based Agicap, a SaaS platform for SMBs to manage and forecast their cash flows, announced that it has raised $100M (approx €82M) in its Series B round of funding led by Greenoaks (investor behind Brex, Deliveroo, Robinhood, Coupang, Airtable, and Discord).

Neil Shah, Partner at Greenoaks says, “Agicap provides businesses clarity on their most important resource: cashflow. They’ve shown remarkable traction with SMBs in multiple European markets and by solving a problem all businesses face, we believe they have a huge potential market in front of them. We’re delighted to join them on this exciting journey ahead.”

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Greenoaks Capital is an internet investment firm based in San Francisco. It claims to make concentrated, long-term investments in technology-enabled businesses globally. The firm has more than $7B (approx €5.74B) assets under management.

Since Agicap’s inception in 2016, the company has raised a total funding of $121M (approx €99.28M), and sets the Lyon-based company’s valuation at over $500M (approx €410M).

Investors in this round

Besides Greenoaks, the round also saw participation from existing investors BlackFin Capital Partners and Partech. The funding round comes one year after the company’s $18M (approx €14.76M) Series A round funding which was led by Partech Partners, and less than 2 years after the Seed round led by BlackFin Capital Partners.

BlackFin Capital Partners is a fully independent private equity and venture capital firm focused on financial services in Europe. BlackFin manages 3 buyout funds and 1 venture fund (BlackFin Tech) for a total of €1.8B under management. Since its final closing in 2018, BlackFin Tech invested in 15 of the fastest growing European fintechs and insurtechs. BlackFin Capital Partners’s 40 investment professionals are spread across 3 offices in Paris, Brussels, and Frankfurt.

Gabrielle Thomas, Investment Director at BlackFin Capital Partners, comments, “Backing Agicap since the Seed investment, less than 2 years ago, has been an incredible adventure; from 8 employees to 200, the founders’ ambition is stellar. The lockdown period confirmed how much cash is king especially to SMEs; Agicap is supporting them for sure as a reliable compass.”

Partech is a San Francisco and Paris-based venture capital firm. The VC supports entrepreneurs at seed, venture and growth stages. In 2020, Partech invested in 82 startups across 24 countries in Europe, America, Africa and Asia.

A software to manage the cash management needs of SMEs

Founded by entrepreneurs Sébastien Beyet, Clément Mauguet, and Lucas Bertola, Agicap builds SaaS products for SMEs that leverage multiple data sources, including open banking data, to support management teams making strategic financial decisions. 

The company’s software provides businesses insight into their cash flow and burn models, and offers information they need to make decisions about their operations. The company has recently opened new offices in Germany, Spain, Italy, and the Netherlands, and claims to have seen 50 per cent revenue growth.

Agicap has also increased its headcount from 30 to more than 200 employees in less than 12 months and and its revenues have grown 10 fold during this same period. 

According to the company, it offers cash flow forecasts for 1, 3, 6 or 12 months, real time monitoring of cash flow, customised reporting, among others.

Recent growth and how the funds will be utilised

Sébastien Beyet, CEO of Agicap says, “This Series B comes at a key moment in our development. It demonstrates our will to make Agicap the European leader in our market and will allow us to further accelerate our international presence, launching in 10 new countries in the coming months.”

With the recent growth, Agicap says it is set to quickly achieve its objectives for expansion and also intends to grow its global headcount to 1,000 employees within 2 years.

Clément Mauguet, Chief Global Expansion at Agicap says, “We want to recruit massively in France and abroad to develop our solution and bring even more value to our customers, while ensuring the quality of service which makes Agicap the preferred solution of our clients.”

The company currently has over 3,000 existing clients that operate in industries severely affected by the crisis: hotels and restaurants, transportation, shops, industrial businesses, etc. Some of the clients include Meero, Ornikar, Prestashop, Henaff, Blend Burger, and Pizza Hut, among others. Lucas Bertola, CTO, mentions, “Our ambition is also technological. We want to make Agicap the global financial management solution for SMEs in Europe. We thus want to help all managers make the right decisions and gain serenity.”