Engagement — Platform Due Diligence
€50M growth funding for sevDesk, a leading cloud-native accounting platform for self-employed, freelancers, and small businesses
Code & Co. provides Technical & Product Due Diligence to the investors ahead of their growth investment in sevDesk.
- sevDesk’s user-friendly, cloud-native accounting platform is a leading solution for self-employed, freelancers, and small businesses in Germany and Austria – a large and growing market experiencing particular tailwinds driven by the pandemic.
- Investors in the round are Karlsruhe-based technology investor LEA Partners, Wecken & Cie.(family office of former software entrepreneur Klaus Wecken), technology investor Global Founders Capital (GFC), the global investor Arena Holdings, and entrepreneur Carsten Thoma (founder of Hybris, sold to SAP).
- Code & Co. led Tech & Product Due Diligence.
Digital transformation is in full swing for businesses of all sizes, accelerating the need for intelligent, cloud-based accounting software. sevDesk’s user-friendly web and smartphone app platform is well-positioned to become the leading cloud-native solution for the 6.4 million small businesses, freelancers, and entrepreneurs in Germany and Austria.
Since the launch of its platform in 2014, sevDesk has become a fast-growing supplier of digital accounting solutions. Its sevDesk product is a cloud-based accounting software solution for the self-employed, freelancers, and small businesses. Tasks ranging from invoicing, VAT return filing, inventory management, cash-method accounting, and cooperation with tax advisors are made easier and more efficient with sevDesk. sevDesk achieves this with automation, artificial intelligence, and mobile work made possible by cloud-native web and smartphone applications.
"At sevDesk, we have made it our mission to save the customer as much time as possible. Our goal is to become the smartest accounting and financial software platform of the future," stresses Marco Reinbold, founder and CTO of sevDesk.
Code & Co. provided Tech & Product Due Diligence ahead of the growth investment, taking an in-depth look at sevDesk’s architecture, product roadmap, and technical growth strategy. Code & Co. also evaluated the potential of its business process automation engine and machine learning capabilities to drive future growth opportunities in its dynamic market segment.
This transaction exemplifies Code & Co.’s sector expertise in deep-tech investments and is another example of why global investors rely on Code & Co. for its diversified expertise in tech investments.