Agicap, a French Software-as-a-Service (SaaS) startup that works with business cash flow data, announced the end of a funding round that netted it 15 million euros ($16.3 million), according to a report.
The round was led by Partech.
Agicap also recently had a seed round in which it raised 2.4 million euros ($2.6 million) and was led by BlackFin Capital Partners, which also invested in this current round along with Kima Ventures.
The money will go toward boosting Agicap’s sales team with a goal of adding between 30 and 100 employees over the next year, according to the report.
Agicap’s stated goal is to provide small- to medium-sized businesses (SMBs) with a tool to help them track finances. CEO Sébastien Beyet said the company wants to create a different kind of mode of running a business by using cash flow data.
Agicap’s technology works by integrating bank account information with accounting and factoring tools, as well as customer relationship management (CRM), enterprise resource planning (ERP) and point-of-sale (POS) systems, to classify inbound and outbound information and look at base forecasts. The options can be customized depending on companies’ individual needs.
The company’s technology has about 2,000 users thus far, and franchises like McDonald’s, Burger King and Best Western have been among the users, among others.
SaaS models are becoming increasingly popular in the business world, with companies looking for multiple features in subscription services instead of the old way of buying a product one time. A survey by FastSpring of its customers found that around 70 percent of them were considering moving to SaaS models sometime over the next year.
The challenge that comes with that shift is that SaaS models require detailed changes to multiple aspects of a business’s operation, rather than just installing one new program. But the benefit comes in the increased option for customization. Payment styles, then, can be adjusted at will.