Sumary, a Copenhagen-headquartered AI platform for accountancy practices, has raised $25m in a seed funding round.
Venture capital firm Singular led the round, with participation from existing investors including byFounders, Partech and Tenity.
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Additionally, Qonto’s Steve Anavi, Linear’s Tuomas Artman, Dust’s Stanislas Polu, Synthesia’s Steffen Tjerrild, Public.com’s Jannick Malling, and Omnea’s Ben Freeman, also participated.
Sumary plans to use the funding to accelerate its European expansion, beginning in the Benelux region.
The company said that London will become the company’s commercial hub, while Denmark will remain its base for technology development and AI research.
Sumary co-founders Pascar Sivam and Frederik Skov Wacher will move to London to lead the company’s next phase of growth in the UK.
The latest round follows Sumary’s $4.2m pre-seed funding less than a year ago, which was among the largest Danish rounds at that stage, according to the company.
Sumary co-founder and CEO Pascar Sivam said: “Accounting firms are being asked to do more with fewer people.
“Software has to take on the preparation properly, so accountants can give their time to the people who depend on them: their clients and their own teams.
“That is what we have built. This round lets us bring that to firms across the UK and Europe much faster.”
Sumary platform supports core workflows including monthly closes, VAT returns, and year-end preparations. The company said it works with majority of the 20 largest accounting firms in the Nordic region and has signed contracts with UK firms.
Its customers include Deloitte, Grant Thornton, and Baker Tilly.
