French Startup George – OR George.tech – Raising a new round of financing of $ 42.4 million (€ 35 million). The company is also getting a new name and it will go on to be called Indy. The startup is building an accounting automation application for freelancers and small companies.
Cingular is leading today’s funding round. You’re probably not familiar with the singularity, but it’s a ton of looking at a VC firm at the hat table. Former alven partner Jeremy Uzan And Rafi Kamber Left the Paris-based VC firm to raise his fund. Uzan first invested in Indy when she was in Alleven and was running with Cingular.
Existing investors Eleven and Kerala are also investing once again. Overall, Indy has succeeded in attracting 40,000 customers who pay a monthly subscription fee to access the service.
Indy first started with a product specifically designed for freelancers, self-employed people, doctors, architects, lawyers etc. It can help you completely transform your accountant. You first connect the service to your bank account. Indy then imports all your transactions and tries to tag and categorize as many transactions as possible.
You can go back and add missing data. You can also add receipts or invoices right after your transaction. Once this is completed, you know how much VAT you are going to get back at the end of the year.
Indy then automatically fills the administrative form based on your data. You can then download your tax documents or send them directly from Indy.
You can also use the platform to get an overview of your business. You can look at your corporate revenue, track your expenses, and see how much you earn per year based on personal expenses and your own salary.
Over time, Indy expanded its service so that it would support more types of companies. In addition to freelancers, Indy supports EURL, SARL, SAS and SASU. In 2020, the startup has tripled its revenue.
And the company plans to support even more self-employed people to improve its product, including those selling goods under BIC status in France. Indy plans to employ 100 people in Lyon in 2021.
Indy has even bigger plans because it is evaluating the US as a potential market. There are a ton of self-employed people in the US and that is why it represents an interesting opportunity.