TCV has led a €175 million funding round for French accounting software company Pennylane, valuing the startup at approximately $4.25 billion. Blackstone also participated, alongside existing backers like Sequoia Capital and DST Global. This deal cements Pennylane's status as one of Europe's most valuable private tech firms.

The investment provides growth capital to a company challenging global giants like Intuit and Xero. Pennylane, founded in 2020, offers a unified dashboard for bookkeeping and financial management. The new funds will accelerate R&D, including AI-powered tools, and help tailor its platform for regulatory requirements in Germany, a market it recently entered.

CEO Arthur Waller said the company had no immediate need for funding but seized the chance to partner with major investors like TCV and Blackstone with low dilution. The round signals sustained private equity appetite for strong European software platforms, even as broader venture funding in the region remains selective.