Bahrain-based global asset manager company Investcorp’s portfolio arm Ageras Group has raised $73 million in new funding from US-based Lugard Road capital.
The Copenhagen-headquartered Ageras provides small and medium-sized businesses with accountancy software. The firm has a recurring revenue model and operates in six markets namely, Denmark, the US, Sweden, Norway, the Netherlands, and Germany.
Sharing his insights on the fresh investment into the firm, Managing Director and Head of Investcorp’s private equity technology business Mr. Gilbert Kamieniecky remarked that “The additional financing secured by Ageras will help to drive international expansion and support the continued innovation of its customer offering”.
Ageras operates an online marketplace that connects small and medium enterprises with professional services providers such as accountants, bookkeepers, and lawyers, in addition to providing its own accounting solution.
Mr. Rico Andersen the company’s Chief Executive Officer stated that “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”.
Investcorp has supported Ageras through Investcorp Technology Partners, which manages the asset manager’s tech investment in Europe with a particular emphasis on software, data analytics, cybersecurity, and fintech firms.
Other recent investments include Avira, a multinational software firm for cybersecurity, Contentserv, a product information management software provider, Ubisense, enterprise software and sensor platform, and Softgarden, an HR software provider.
Investcorp iPartners, a new fintech offering that allows investors to browse, assess and invest in private equity, real estate, and other offerings, was launched last month by the company.
Related: Bahrain’s Investcorp acquires leading US tech firm KSM Consulting