French startup Georges — or Georges.tech — is raising a new round of funding of $42.4 million (€35 million). The company is also getting a new name and will be called Indy going forward. The startup has been building an accounting automation application for freelancers and small companies.
Singular is leading today’s funding round. You might not be familiar with Singular, but it makes a ton of sense to see the VC firm on the cap table. Former Alven partners Jeremy Uzan and Raffi Kamber left the Paris-based VC firm to raise their own fund. Uzan previously invested in Indy when he was at Alven and he’s following up with Singular.
Existing investors Alven and Kerala are also investing once again. Overall, Indy has managed to attract 40,000 clients 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 replace your accountant altogether. 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 also can add receipts or invoices right next to your transactions. Once this is done, you know how much VAT you’re supposed to get back at the end of the year.
Indy then automatically fills out administrative forms 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 see your corporate revenue, track your expenses, and see how much you earn per year based on personal expenses and your own pay.
Over time, Indy has expanded its service so that it supports 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 improve its product to support even more self-employed people, including people selling stuff under the BIC status in France. Indy plans to hire 100 people in 2021 in Lyon.
Indy has even bigger plans, as it has been evaluating the U.S. as a potential market. There are a ton of self-employed people in the U.S. and that’s why it represents an interesting opportunity.