Sumary raised $25 million in Seed funding led by Singular. Existing investors byFounders, Partech, and Tenity also participated. The Copenhagen-founded company builds AI software that automates accounting workflows.
Round participants
The new round follows a $4.2 million Pre-Seed round completed less than a year ago. Angel investors include Steve Anavi, Tuomas Artman, and Stanislas Polu. Sumary describes the round as the largest Seed round for accounting software in Europe.
Founding and customers
Sumary was founded by Pascar Sivam, Bastian Schneider, Lucas Rantzau, Frederik Hvilshøj, and Frederik Skov Wacher. Its customers include Deloitte, Grant Thornton, and Baker Tilly. The company also serves the majority of the Nordics' 20 largest accounting firms.
Product impact
Sumary automates month-end closes, VAT returns, and year-end preparation. The platform works across clients and the ledgers they already use. The company reports that firms spend 50% less time on monthly closes and 75% less time preparing VAT returns after three months.
Sumary plans to expand into Benelux next. London will serve as its commercial hub, and Copenhagen remains its technology center. The company is also hiring across commercial, product, engineering, and research roles.