TCV and Blackstone have led a €175m ($204m) funding round in French accounting software provider Pennylane, valuing the company at around $4.25bn, according to a report by Bloomberg.
The round was led by growth equity investor TCV, with participation from Blackstone and existing backers Sequoia Capital, DST Global, CapitalG, and Meritech, according to a company statement.
Pennylane said the capital will be used to accelerate research and development, including the build-out of AI-driven tools to support accounting analysis, and regulatory localisation as it expands further into Germany.
Founded in 2020, Pennylane uses a single online dashboard to provide a range of bookkeeping tools, with competitors including groups such as Intuit Inc and Xero Ltd. The latest funding places Pennylane among the most highly valued French startups, alongside groups including Mistral AI and Doctolib.
