Agicap, the Lyon-based treasury and cash management platform for midmarket companies, announced a €45 million Series C funding round led by venture capital firm AVP.
For AVP, this marks the first European investment from its newly created €1.5 billion late-stage fund, a vehicle dedicated to supporting high-potential technology scale-ups in Europe and the US.
“The round led by AVP will enable Agicap to further consolidate its leadership position in Europe as it scales to become the global reference in the midmarket treasury management space,” said Agicap, which has 8,000 clients across Europe.
“Since its inception, Agicap has emerged as the leading treasury management platform for SMB and midmarket companies, the driving force of our economy.
“Agicap provides the C-suite and finance teams with flexible and real-time visibility into current, historical and projected cash flow data, alongside a comprehensive, end-to-end suite of treasury management tools.
“Cash management and forecasting have become top priorities for CFOs navigating increasingly uncertain macroeconomic conditions.
“Yet, Agicap’s recent survey (in partnership with Innofact) of 500 European CFOs revealed that 80% of midmarket firms still rely on Excel-based processes to manage and forecast their cash positions – a manual, time-consuming task with only 41% conducting long-term cash forecasts.”
Clément Mauguet, Co-founder & Chief Expansion Officer, Agicap, said: “In today’s economic conditions, the importance of cash management is paramount.
“Mid-market organizations have reached a level of complexity that makes it challenging for them to properly manage and optimize their cash strategy, given the need to track countless incoming and outgoing cash flows across multiple entities with numerous bank accounts and currencies. Agicap automates this entire process, offering critical insights in just minutes.”
Sébastien Beyet, Co-founder & CEO, Agicap, said: “Midmarket companies lose an average of €450k annually on overdraft fees and financial income due to inefficient cash management. Agicap’s purpose is to bring this figure close to zero.”
AVP General Partner Warda Shaheen said: “We are thrilled to invest in the exceptional team at Agicap as they continue on their path to become the next generation global Treasury Management System. Agicap has the best-in-class technology, deepest product offering with the highest accuracy.
“We were thoroughly impressed by the product-driven culture, strong customer references, rapid growth and seamless ability to scale in different markets. We look forward to being a long-term partner of Agicap as they continue on their global expansion journey.