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Sumary raises $25m to challenge Europe’s accounting sector

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Sumary raises $25m to challenge Europe’s accounting sector

Sumary, a Copenhagen-founded AI operating system for accounting practices, has raised $25m in seed funding to accelerate its expansion across the UK and Europe, in what the company describes as the largest seed round for accounting software in Europe.

The investment was led by Singular, with existing investors byFounders, Partech and Tenity also participating. The round attracted several angel investors, including Qonto co-founder Steve Anavi, Linear co-founder Tuomas Artman, Dust co-founder Stanislas Polu, Synthesia co-founder Steffen Tjerrild, Public.com co-founder Jannick Malling and Omnea co-founder Ben Freeman.

The latest funding comes less than a year after Sumary secured $4.2m in pre-seed investment, which ranked among Denmark’s largest pre-seed rounds. Since then, the company has secured contracts with several major accounting practices, including Deloitte, Grant Thornton and Baker Tilly, and signed up most of the 20 largest accounting firms in the Nordic region.

Sumary will use the capital to expand its presence across Europe, with London becoming its commercial headquarters while Denmark remains the centre for its technology development and AI research. Co-founders Pascar Sivam and Frederik Skov Wacher are relocating to London to lead the company’s UK growth. The business is also entering continental Europe, with the Benelux region selected as its first market.

The platform automates core accounting workflows, including monthly financial closes, VAT returns and year-end preparation. It operates across clients and their existing accounting ledgers, with completed work sent to accountants for review and approval. According to the company, accounting firms using the platform have reduced the time spent on monthly closes by 50% and VAT returns by 75% after three months.


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