Investcorp, Lazard, and the Norwegian state pension fund Folketrygdfondet were among the participants in the oversubscribed private placement round.

Ageras was first established in 2012 as a marketplace where small business owners could locate accountants. Since then, the company has grown to provide a suite of software solutions for SME banking, accounting, payroll, and invoicing.

With 250 staff, the company currently boasts over 300,000 SME clients throughout Europe, mostly in Denmark, Germany, France, and the Netherlands.

With the aim of expanding its product line and hitting €100 million in recurring income annually before a possible initial public offering (IPO), the company plans to use the additional capital for acquisitions.

"We want to make it easier for small businesses to operate in an increasingly complex administrative and regulatory landscape by providing a fully integrated platform where companies can manage their banking, accounting, and tax in one financial cockpit," says Rico Andersen, CEO of Ageras.

"M&A is an essential component of our strategy, whereby we have bought technology and so extended our offering faster than if we built everything from scratch, in order to execute on that vision more quickly.

"Currently, we see an attractive pipeline of potential acquisitions emerging, and the ones we eye reinforce our vision and goal 100%; to become market leader and then go public."