– FRANCE, Paris – Libeo, the Fintech that simplifies the management and payment of supplier invoices for VSEs-SMEs, today announced a new round of funding of 4 million euros led by the British fund LocalGlobe, alongside its historic investor Breega and its Businesses Current angels.
This round will allow Libeo to accelerate its growth, in a context of crisis which makes cash management all the more important for companies.
Libeo was born out of a simple observation: companies continue to print their supplier invoices, store them in filing cabinets and pay them by hand by bank transfer or check. A repetitive and time-consuming process, experienced by the founders of Libeo when they were leaders in the hotel and restaurant industry. This administrative heaviness prevents a real-time vision of its finances, a decisive issue for VSEs-SMEs, all the more in the current context of the economic slowdown.
The Libeo solution is aimed at managers, DAFs and accountants, and allows them to automate the management of their supplier invoices in four stages:
- instant dematerialization of supplier invoices;
- centralization in a single platform and team validation;
- regulations in one click without entering IBAN, using a simple email;
- real-time monitoring of cash.
“Paying and exchanging with a supplier should be as simple and intuitive as sending a message on a social network, that’s how we built Libeo”, explained the founders Pierre Dutaret, Jeremy Attuil and Pierre-Antoine Glandier.
After a first fundraiser announced at the end of 2019, Fintech is finalizing this month’s financing of 4 million euros led by the seed fund LocalGlobe, which notably started Robinhood, Transferwise and Tide. Historical investor Breega and Business Angels are also participating in this new round.
This financial contribution will allow Libeo to open its network to all companies, which facilitates exchanges between customers and suppliers. To this end, Libeo is launching a Standard offer giving free access to the main functionalities of the platform. Premium offers, from 25 euros per month, allow finer and more automated control of invoices.
“The consumerization of B2B software is an exceptional opportunity, ” said George Henry, Partner of LocalGlobe. “The Covid crisis demonstrates this, it is more important than ever to support VSEs and SMEs in managing their cash. As Visa or Mastercard was able to do in their time, Libeo is creating a new B2B payment and financing network, in order to make our local economy stronger. “
Only four months after its entry into service, more than 5,000 companies use the Libeo network to manage their invoices, in various activity sectors such as Consulting, Hotel and Catering or Distribution, and among which: The Reaper Lawyers, Hotel Annapurna, the Champs Elysées Clinic, Victor & Charly, Monoprix (franchise) and Paname Collections.
“Since its launch, Libeo has demonstrated the relevance of its offer and above all its product differentiation in a very dynamic market, which really needs this type of solution. We are delighted to continue supporting their growth, driven by a visionary and ambitious team ”, said Isabelle Gallo, Partner at Breega.
Libeo accounts for nearly 2 million euros in payments made on its platform, mainly via its “IBANLess” technology, a figure it expects to increase to 30 million euros in 2021.
For more information: https://libeo.io
LocalGlobe is a London-based venture capital fund investing primarily in seed, the United Kingdom and the United States. LocalGlobe has supported ambitious founders since 1999, such as those of Transferwise, Algolia, Robinhood or CaptainTrain.
For more information: https://localglobe.vc
Breega is an investment fund with € 250 million under management which finances high-tech European start-ups in Seed / Series A. Breega is much more than just an investor. Created by entrepreneurs for entrepreneurs, it supports the startups in its portfolio at each stage of their development and offers them operational and free expertise (HR, biz dev, marketing and legal) as well as international development opportunities. Breega is notably an investor in Exotec Solutions (robotics), Ibanfirst (fintech), uDelv (autonomous vehicle), FoodChéri (foodtech), Curve (fintech) or even Fretlink (marketplace).
For more information: https://breega.com
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