FTPA advised Pennylane in its €75 million fundraising round, secured from Sequoia Capital (a long-time investor) and two new investors: Meritech Capital and CapitalG. This transaction marks a major milestone in Pennylane’s ambition to become the leading provider of e-invoicing solutions in France.
Pennylane is the first platform that combines accounting software for accountants with financial management tools for their clients. Launched in 2020, the company already supports thousands of accounting firms and over 80,000 business leaders.
This transaction, which comes just a year after the previous €40 million fundraising round, marks the culmination of a year of exceptional growth. Pennylane has tripled its user base, now serving 350,000 businesses and 4,500 accounting firms that rely on its platform daily. The company has also expanded its partner network, now including 60 reseller integrators, enabling rapid growth in the SME segment. This development momentum positions the company to exceed €100 million in recurring revenue by the end of the year.
The new investors, CapitalG and Meritech Capital, bring crucial strategic expertise for the company’s future development. CapitalG, a minority shareholder in Odoo and TeamSystems (leaders in accounting and financial management solutions in Italy and pioneers in electronic invoicing in Europe), will leverage its experience to help Pennylane adopt best practices observed in Italy, where the electronic invoicing reform was implemented as early as 2020. Meanwhile, Meritech Capital, an expert in SaaS, adds valuable insights with the expertise of its founder, a primary investor in the ERP system Netsuite.
FTPA advised Pennylane on the corporate aspects with Charles-Philippe Letellier, partner, Aude Verdier, and Priscille Maire, associates. Sophie Jouniaux, partner, provided guidance on certain tax law matters, while Laure Calice, partner, advised on aspects of labor law.
