French Accounting Automation Startup Raises $42.4 Million — and Gets a New Name

By Jemima McEvoy Sunday, January 31, 2021 — now known as Indy — has raised $42.4 million in a Series B financing round. The French accounting automation startup has decided to capitalize on its new business momentum with a brand makeover (most notably a new name). Here’s everything you need to know about this exciting new startup and its future plans, including a potential expansion of its business to the United States (US).

Businesswoman using a calculator to do accounting.

What Is Indy?

The startup was founded in 2016 by entrepreneurs Adrien Plat, Come Fouques, Pablo Larvor, and Romain Koenig. Originally named (Georges for short), the goal of the business was to create accounting software that helps freelancers and small businesses automate accounting tasks. This software relies on artificial intelligence (AI).

Since it was founded four years ago, the company has already grown to service roughly 40,000 clients, who pay a monthly subscription fee for the service. The business — based out of Lyon, France — is privately owned and has around 100 employees.

Money and Investors

The fundraising round for this artificial intelligence startup that happened in January of this year is not the only enthusiasm the company has seen. Indy raised $1.2 million in a seed round from Guillaume Lestrade and Kerala Ventures in 2018, according to Crunchbase. The company also brought in $12.2 million in a Series A round led by European-based venture capital firm Alven in 2019.

Alven was also involved in the Series B fundraising round, along with Kerala Ventures and individual investors Jeremy Uzan and Raffi Kamber. Together, they contributed a whopping $42.4 million to help the business achieve its future goals.

Future Growth

With this money and momentum, Indy hopes to improve its product support, TechCrunch reported. The company also has plans to hire 100 more employees in Lyon this year.

However, this is just the beginning for this company. The AI startup is hoping for something bigger: expanding its services beyond its current customer base. According to TechCrunch, Indy is evaluating the US as a potential market for its business. This could be a strong match given the number of self-employed people/freelancers in America and the momentum of this company.

“Now that we have demonstrated our ability to support tens of thousands of freelancers with a level of satisfaction unmatched in our sector, this new financing will give us the means to impose our model more widely by freeing up hundreds of thousands of entrepreneurs from their administrative chores,” said Fouques, who now serves as the president of this company.

Final Takeaways

This business appears to be in a strong position for future growth due to its appealing mission (easing the burden of accounting) and reliance on AI technology. The company’s AI technology also comes with the benefit of being easily scalable and non-specific to a certain location.

About the Author

Headshot for author Jemima McEvoy

Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.

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