Libeo, a fintech company that simplifies the processing of supplier invoices for SMEs, has announced a new €4 million raise led by the British venture capital fund LocalGlobe, its historical investor Breega, and its current Business Angels.
This second round will enable Libeo to accelerate its growth, in a crisis context that increases the need for effective cash management.
Libeo was born out of a simple observation: companies continue to print out supplier invoices and pay them manually by bank transfer or check.
It’s a repetitive and time-consuming administrative task that Libeo’s founders found particularly burdensome in their previous roles, as business owners in the hospitality industry.
The lack of modern digital tools also prevents a real-time view of finances and cash flow, something that is particularly important for SMEs, especially during an economic slowdown, as is the case today.
Libeo’s solution is aimed at business-owners, CFOs and chartered accountants, and enables them to automate their accounts payable processes, proving them with instant digitisation of accounts payable, centralisation in a single platform with smart approval workflows and real-time cash flow monitoring.
Just four months after its launch, over 5,000 companies from various sectors (Consulting, Hospitality, Retail etc.) took to using the Libeo network to manage their invoices.
“Paying and communicating with a supplier should be as simple and intuitive as sending a message on a social network, that’s how we built Libeo” says Libeo founders Pierre Dutaret, Jeremy Attuil and Pierre-Antoine Glandier.
After completing a first funding round at the end of 2019, the Fintech is announcing this second €4 million round led by the seed fund LocalGlobe, backers of trailblazing companies such as Robinhood, Transferwise and Tide. Historic investor Breega and Business Angels are also participating in this new round.
George Henry, General Partner at LocalGlobe says, “”The consumerisation of B2B software is an exceptional opportunity. The Covid-19 crisis demonstrates that it is more important than ever to support SMEs in managing their cash flow.
“As Visa or Mastercard were able to do in their time, Libeo is creating a new B2B payment and financing network to make our local economy stronger.”
Isabelle Gallo, Partner at Breega adds, “Since its launch, Libeo has demonstrated the relevance of its offer and above all its product differentiation in what is a very dynamic market with a real need for this type of solution. We are delighted to continue to support Libeo’s growth which is driven by a visionary and ambitious team.”