Sumary's $25m seed to take the grind out of accounting

A $25m seed is a big number for anyone and it's an even bigger one for accounting software, which is why this one jumped out at me this morning.

Sumary was founded in Copenhagen and has raised $25m in a seed round led by Singular, with byFounders, Partech and Tenity coming back in, and that's less than a year after a $4.2m pre-seed. The angel list reads like a who's who of European tech too, with Steve Anavi from Qonto, Tuomas Artman from Linear, Stanislas Polu from Dust and Steffen Tjerrild from Synthesia all in, along with Jannick Malling from Public.com and Ben Freeman from Omnea.

The product sits on top of the accounting systems firms already use and does the repetitive work like monthly closes, VAT returns and year-end prep, then hands it to an accountant to check and approve. That part matters because the accountants stay in charge rather than getting replaced, which is probably why big firms are happy to let it in the door. Sumary says firms using it spent 50% less time on monthly closes and 75% less on VAT returns after three months, and it tests new AI models against a benchmark of real accounting tasks built by a research team in Copenhagen before it puts them to work.

The customer list is what makes the round make sense, it already works with most of the 20 largest accounting firms in the Nordics and has contracts in the UK with Deloitte, Grant Thornton and Baker Tilly. The plan now is to expand across Europe starting with Benelux, make London the commercial hub and keep the tech and AI research in Denmark. There are five co-founders, led by CEO Pascar Sivam, who like co-founder Bastian Schneider used to be a consultant at McKinsey.

What I'd want to know next is what the revenue looks like, because no figure was shared and neither was a valuation, and a seed this size with Deloitte already on the books makes you curious.

Source: Tech.eu, Sumary secures $25M to expand its accounting software across Europe