Tiger Global, TCV et al. in EUR 486m Series D for Qonto

Following the EUR 486m series D round, Qonto is valued at EUR 4.4bn. Besides Tiger Global and TCV, the other investors were Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas. They join current investors Valar, Alven, DST Global and Tencent, which have also participated in the new funding round, according to a press release.

According to Unquote Data, Tiger Global is currently investing through Tiger Global Private Investment Partners XIV, which launched in January 2021 and held a final close on its hard-cap of USD 6.65bn in March 2021. The fund follows the same strategy as its predecessor; it targets startups globally in the internet, cloud, consumer and software sectors. 

TCV is currently investing via TCV XI, which was announced in June 2020 with a target of USD 3.25bn. The fund will follow its predecessor's strategy and invest in software and technology companies across Europe and North America. It is expected that the vehicle will make around 20-25 investments with equity tickets of around USD 50m-250m in companies with enterprise values of USD 250m-1bn. Each of its portfolio companies is expected to have a holding period of five years, according to Unquote Data. It recently invested in Germany-based software company Mambu in January 2021.

Qonto will continue expanding its product range via organic and inorganic strategies, including potential acquisitions, strategic partnerships and in-house developments. The company will seek to penetrate new markets like Germany, Spain and Italy, as well as seeking to grow its team by more than 2,000 by 2025, according to a press release.

Previous funding
Since 2017, Qonto has raised EUR 622m.

In March 2018, Mergermarket reported Qonto was looking to raise more than EUR 10m over the ensuing year to finance its European expansion plans. Mergermarket also reported that the company raised a total of EUR 12m over two rounds, in 2016 and 2017, from its two main investors, Valar Ventures and Alven Capital, a US-based venture capital fund backed by Peter Thiel. The company's co-founders, Alexandre Prot and Steve Anavi, had an undisclosed stake in the company at the time.

In September 2018, Qonto secured EUR 20m in Series B funding from existing shareholders Valar and Alven, and a new investor, the European Investment Bank. Alven was investing through Alven Capital V.

In January 2020, Qonto raised EUR 104m in a round led by new investors DST Global and Tencent, with existing investors Valar and Alven also contributing alongside business angels Ingo Uytdehaage and Taavet Hinrikus.

Company
Qonto is based in France and was founded in 2017 by Steve Anavi and Alexandre Prot. It is an online bank for SMEs and freelancers that provides financing, spend management, bookkeeping and everyday banking. It employs 500 people across Paris, Berlin, Milan and Barcelona.

People
Tiger Capital – John Curtis (partner).
TCV – John Duran (partner).
Qonto – Alexandre Prot (co-founder, CEO).

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• Topics
• Expansion
• France
• Technology
• Venture