The Power of Optionality: How RAC Supported sevdesk’s Growth Journey

Based out of Offenburg, Germany, sevdesk is an accounting and invoicing software provider focused primarily on serving the needs of solopreneurs and small businesses.

Their software helps provide a comprehensive solution for tracking finances, generating reports, digitizing receipts, and creating custom invoices. With integrations across 60+ tools, including ecommerce and project management platforms, it can simplify financial and tax management. Customers can link their bank accounts for automated payment tracking and collaborate seamlessly with their tax advisors.

Here's how RAC was able to help them unlock optionality and extend runway ahead of a subsequent acquisition.

Securing Runway without Dilution

While we have known sevdesk’s co-CEOs, Fabian Silberer and Marco Reinbold, since 2018, it wasn’t until mid 2024 that we started serious discussions about what a partnership could look like.

By this time, they had grown their customer base to over 130,000 and were starting to set their sights toward an anticipated equity raise in the next twelve months. Despite existing cash reserves, they were seeking additional runway to enhance their financial scope of action and were drawn to the optionality offered through a non-dilutive instrument, like RAC’s Growth Loans.

Impressed with both their team and traction, we extended an offer for an initial tranche of funding. The team selected RAC for our entrepreneurial and pragmatic approach, as well as our ability to provide substantial Growth Equity financing.

We closed the round in September 2024, which enabled the company to continue executing its strategic initiatives while gaining the breathing room needed to carefully assess future options.

A Partnership That Delivered Value

In 2025, sevdesk was acquired by Cegid, a key European player in cloud management solutions.

Bolstered by Cegid’s brand awareness, the acquisition represents an opportunity for sevdesk to accelerate in the DACH region and beyond. Likewise, the deal offers Cegid greater access to the German-speaking market.

Despite the short duration of the partnership, we’re proud of the role RAC played in helping sevdesk maximize its strategic optionality. As sevdesk’s chief financial officer Dr. Oliver Kunath remarked:

"Even though our partnership was a short one, we believe it was very successful on both ends. RAC offered us not only a very entrepreneurial debt instrument to develop our business further, but one that came with open and reliable conversations on what fits our business best. We are grateful that we partnered with RAC.”

- Dr. Oliver Kunath, CFO at sevdesk

The desire to preserve optionality is a common theme across RAC's portfolio. Companies often find themselves weighing various strategic paths, and non-dilutive financing can provide the runway and flexibility needed to explore opportunities that best align with their long-term goals.

The above executive was not compensated by Riverside directly for such statement, however the individual has or continues to have an economic relationship with Riverside, including potential incentive awards for performance.

Case study should not be relied upon for investment decision making and should not be considered an offer or solicitation of securities or investment services. For informational purposes only and intended for General Partners or Management teams considering partnering with The Riverside Company. Portfolio company selected based on non-performance criteria.