The French start-up Georges – or Georges.tech – is raising a new funding round of $ 42.4 million (35 million euros). The company is also taking a new name and will be called Indy in the future. The startup has developed an accounting automation application for freelancers and small businesses.
Singular is leading today’s fundraising cycle. You might not be familiar with Singular, but it makes a lot of sense to see the VC company on the cap table. Former Alven partners Jeremy Uzan and Raffi Kamber have left the Paris-based venture capital firm to raise their own funds. Uzan already invested in Indy when he was at Alven and he is following up with Singular.
Existing investors Alven and Kerala are also investing again. Overall, Indy has been successful in attracting 40,000 customers who pay a monthly subscription to access the service.
Indy started with a product specially designed for freelancers, freelancers, doctors, architects, lawyers, etc. He can help you replace your accountant. You first connect the service to your bank account. Indy then imports all of your trades and tries to tag and categorize as many trades as possible.
You can go back and add the missing data. You can also add receipts or invoices right next to your transactions. Once done, you know how much VAT you are supposed to reclaim at the end of the year.
Indy then automatically fills in the administrative forms based on your data. You can then upload your tax documents or send them directly from Indy.
You can also use the platform to get an overview of your business. You can see your business income, track your expenses, and see how much you earn per year based on your personal expenses and your own salary.
Over time, Indy has expanded its service to support more types of businesses. Besides freelancers, Indy supports EURL, SARL, SAS and SASU. In 2020, the startup tripled its turnover.
And the company plans to improve its product to support even more freelancers, including sellers of products under BIC status in France. Indy plans to hire 100 people in 2021 in Lyon.
Indy has even bigger plans because he assesses the United States as a potential market. There are a ton of self-employed people in the United States and that’s why this represents a great opportunity.