French accounting software platform Pennylane has raised $200m in a funding round, but says it had no immediate need for the fresh funds.
The round was led by growth investor TCV, with Blackstone Growthand existing investors, including Sequoia, DST Global and the venture arm of Alphabet, CapitalG, also participating.
The funding round values Pennylane at around $4.25bn, according to a report in Bloomberg, but Tech.eu was not able to verify this.
Founded in 2020,Pennylane is a financial management and accounting platform for startups, SMEs, and their accountants across Europe.
It sells itself as an “all-in-one”accounting and financial management platform that centralisesthe financial function of businesses and their accountantsin one shared workspace, enabling them to work closer together.
Arthur Waller, co-founder and CEO of Pennylane, said:“We had no immediate need for funding, but the opportunity to partner with investors like TCV and Blackstone with low dilution was a strategic advantage. This gives us the resources to stay fully independent while accelerating our lead in AI and expanding across Europe. Our mission remains unchanged: being the reference tool for accountants and their clients.”
Pennylane says it will use the funding to increase its R&D investment, including fine-tuning its product in Germany, where it recently launched, and improving its payment and cash management offering.
Last year, Pennylane raised €75m in a funding round co-led by Sequoia, Alphabet’s CapitalG, and Meritech Capital Partners, while the year before it raised€40 million in a Series C.