Bridgepoint has reinvested in customer engagement software company Brevo as part of a new €500 million financing round that lifts the Paris-based business to unicorn status for the first time. The transaction marks a pivotal moment in Brevo’s evolution, reflecting both its rapid revenue expansion and its broadened global footprint.
The reinvestment comes through Bridgepoint Development Capital V, the firm’s latest lower-middle-market fund, following the full realisation of Bridgepoint’s minority stake held via BDC III. Bridgepoint first invested in Brevo in 2020, during which time the company has undergone a significant transformation. Annual recurring revenue has climbed sharply and is forecast to surpass €200 million in 2025, supported by sustained double-digit EBITDA margins. The business has expanded its offering well beyond email into CRM, marketing automation, and multi-channel engagement products.
Brevo’s workforce and management team have now become the company’s largest shareholder, with General Atlantic and Oakley Capital joining Bridgepoint as new investors in this latest round. The company has also benefited from a disciplined M&A strategy, completing nine bolt-on acquisitions over the past several years to deepen its product capabilities, strengthen cross-sell potential, and expand its customer base.
The platform serves over 600,000 customers across 180+ countries. The company’s product-led growth model, strong unit economics, and delivery infrastructure have contributed to its rise as one of Europe’s most prominent providers of customer activation and engagement.
The fresh capital will support an accelerated global strategy, with a particular emphasis on scaling operations in North America, advancing AI-driven product capabilities, and pursuing select acquisitions to further extend the platform. Brevo is targeting €1 billion in annual revenue by 2030 as it continues its shift into larger market segments and expands its international presence.
Support: Brevo and its shareholders received M&A advice from Evercore and Goldman Sachs, while Crosslake and Alvarez & Marsal provided technical and financial diligence support. Bridgepoint was advised by Moelis & Company as its independent financial advisor, with the additional backing of BDC V from Proskauer, McKinsey, EY Parthenon, and Clipperton Finance. Mayer Brown advised BDC III.
KEY QUOTES:
“Brevo is a standout European software champion. Over the past five years, the business has delivered exceptional organic growth, broadened its product suite, and built a highly scalable platform serving both SMB and mid market customers globally. We are proud to have supported this journey since 2020 and are delighted to reinvest through BDC V. The company is entering an important next phase – with significant opportunities in AI, mid market expansion and internationalisation – and we look forward to continuing our partnership with Armand and the management team.”
Thomas Moussallieh, Partner at Bridgepoint
“Our ambition remains unchanged: to build a global European CRM leader capable of competing with US players through product excellence. This new phase will allow us to further accelerate our product roadmap, notably by leveraging AI, and to strengthen our operational excellence.”
Armand Thiberge, Founder & CEO of Brevo
