Rabo Frontier Ventures, the strategic investment arm of financial services firm Rabobank, has co-led a €12m ($14.2m) series B round for Germany-based accounting and payment processing software developer Candis.
The round was co-led by Viola Ventures and included financial services firm Commerzbank’s Main Incubator, Speedinvest, Lightspeed Venture Partners, Point Nine Capital and 42Cap.
Candis offers accounting bookkeeping software equipped with features such as intelligent form filling and automatic cross-referencing of data entries. The series B cash will go to technology development as it looks to expand in Europe.
The company had previously secured an undisclosed amount in a mid-2018 series A round featuring Commerzbank’s Main Incubator, Lightspeed Venture Partners, Point Nine Capital, Fly Ventures and 42Cap. It followed a $1.2m seed round led by Point Nine Capital in 2016.
Jeroen van Doornik, managing partner at Rabo Frontier Ventures, said: “We have been following Candis for a longer period of time and we consider their distribution strategy combined with their product to be a very strong proposition for both [small and medium-sized enterprises] and accountants.
“Together with Viola, Lightspeed and the existing investors we are very keen to be working with the team and to support them in realising their growth ambitions.”