Investcorp company Ageras raises $73m from US asset manager

The Copenhagen-based company will use the funds to drive expansion in existing markets

Investcorp's Bahrain office. Courtesy Investcorp

Ageras Group, a portfolio company of Bahrain-based alternative asset manager Investcorp, raised $73 million in new funding from US-based Lugard Road Capital.

The Copenhagen-headquartered company provides accountancy software to small and medium-sized businesses. It has a recurring revenue model and operates in six markets: Denmark, the US, Sweden, Norway, the Netherlands and Germany.

“The additional financing secured by Ageras will help to drive international expansion and support the continued innovation of its customer offering,” Gilbert Kamieniecky, managing director and head of Investcorp’s private equity technology business, said.

As well as providing accountancy software, Ageras operates an online marketplace connecting small and medium enterprises with professional services providers such as accountants, bookkeepers and lawyers.

The new investment will be used to accelerate Ageras’ expansion into existing growth markets, creating potential for both inorganic and organic growth opportunities, the statement said.

"This latest financing round will support our ongoing commitment to scaling the Ageras brand and bring our software offering to new customers across the globe," the company's chief executive, Rico Andersen, said.

Investcorp has backed Ageras through Investcorp Technology Partners, which handles the asset manager's tech investments in Europe. It takes stakes in mid-market companies, with a specific focus on software, data analytics, cyber security and FinTech firms.

This latest financing round will support our ongoing commitment to scaling the Ageras brand and bring our software offering to new customers across the globe

Other recent investments have included Avira, a multinational cyber security software firm; Contentserv, a product information management software provider; Ubisense, an enterprise software and sensor platform; and Softgarden, a HR software provider.

With a presence in 12 countries across the US, Europe, GCC and Asia, Investcorp, which counts Abu Dhabi’s Mubadala Investment Company as its biggest shareholder, had $35 billion in total assets under management at the end of last year.

Last month, the company rolled out Investcorp iPartners platform, a new FinTech offering that will allow investors to browse, assess and invest in private equity, real estate and other offerings.