Offenburg, 5 September 2017 – In a Series A funding round, Offenburg IT start-up SEVENIT GmbH has raised an investment of 3.1 million euros in its sevDesk cloud-based accounting software. As well as the two lead investors, LEA Partners – from their LEA Venturepartner fund – and Wecken & Cie., VC Fonds BW and MBG also participated in the financing round. Until now, SEVENIT had been growing under its own steam, securing a leading position in its market thanks to its highly scalable business model.
Christian Roth, Managing Director at LEA Partners, is impressed with the innovative and flexible accounting software from Offenburg: “Accounting eats up significant resources, especially at smaller companies.
The high degree of automation in everything from document recognition to posting, combined with an exceptional user experience, makes sevDesk the first cost-efficient solution for self-employed entrepreneurs and small companies.” Sebastian Müller, Managing Director at LEA Partners, adds: “The decisive factors for our investment were the two entrepreneurs behind sevDesk, whom we found professionally and personally very convincing. The company is a perfect fit for our portfolio of SaaS companies, all of them fast-growing leaders in their markets.
To Fabian Silberer, Managing Director of SEVENIT GmbH, the Series A financing for the start-up founded in his basement in 2013 is first and foremost a great opportunity to establish sevDesk outside Germany.
Having launched the product in the UK, France, Italy and Spain this year, we can now add more countries to our portfolio. Additionally, some of the funding will be allocated to the optimisation of artificial intelligence and machine learning, which already allow us to automatically post scanned documents.”
Ever since the release of the software in 2014, the signs have pointed to strong growth for SEVENIT GmbH, which now employs 40 staff. What was initially just an invoicing tool has quickly grown into a comprehensive accounting software package that enables clients to write invoices, manage customer relations and handle communication with tax advisors and the tax authorities.