Sumary raises $25M seed to take AI accounting across Europe
Sumary's USD 25M seed, led by Singular, funds a Benelux push and a London commercial hub for its AI platform that prepares monthly closes and VAT returns for accounting firms.
Also see more funding coverage: /funding/
Copenhagen, Denmark
Copenhagen-founded Sumary has raised a USD 25M seed led by Singular, with byFounders, Partech and Tenity returning, to take its AI accounting platform across Europe from a new commercial hub in London.
A USD 25M seed, announced 10 November, with Singular in the lead
Sumary announced the round on 10 November 2026. Singular led it, and three existing investors took part: byFounders, Partech and Tenity. The six angels are Steve Anavi (Qonto), Tuomas Artman (Linear), Stanislas Polu (Dust), Steffen Tjerrild (Synthesia), Jannick Malling (Public.com) and Ben Freeman (Omnea).
Get the Weekly brief
The week’s rounds, last calls and events, every Monday.
The money pays for expansion across Europe starting with Benelux, faster growth in the UK and a commercial hub in London. Co-founders Pascar Sivam (CEO) and Frederik Skov Wacher (COO) are relocating to London to lead UK growth, while technology and AI research stay in Copenhagen. No further breakdown of the budget has been given.
The amount is USD 25M as announced, about EUR 22.3M at the 10 November mid-market rate (xe.com). Oresund Startup News calls it Europe’s largest accounting software seed round. “Sumary has one of the strongest founding teams we have seen in Europe at this stage,” said Jeremy Uzan, General Partner at Singular.
An operating system for accounting firms, with a benchmark behind it
Sumary builds an AI “operating system” for accounting firms. It automates monthly closes, VAT returns and year-end preparation, works across a firm’s clients and their existing accounting systems, and prepares tasks for accountants to review and approve. The accountant keeps the sign-off. “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,” Sivam said.
Sumary built a benchmark of real accounting tasks. It tests leading AI models against it and measures any new model before it touches client books.
The company says most of the Nordics’ 20 largest accounting firms work with it, along with several major UK firms, including Deloitte, Grant Thornton and Baker Tilly. It reports 50% less time on monthly close and 75% less on VAT returns after three months. Both figures come from the company and are not independently verified.
The founding team is Sivam (ex-McKinsey), Bastian Schneider (Chief Bookkeeper, ex-McKinsey), Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist, ex-Lead ML Engineer at Encord) and Wacher. The seed follows a USD 4.2M pre-seed (EUR 3.6M) from November 2025, less than a year earlier, which Oresund Startup News called one of the largest pre-seeds in Denmark at that stage. The new round is close to six times the old one.
A EUR 133 billion fee pool, 38.4% growth and no European total from KBV
Oresund Startup News estimates that European accounting firms generate about EUR 133 billion in annual fees. That is the revenue base of the firms Sumary sells to. For growth, KBV Research (August 2025) forecasts Europe’s AI in accounting market at a 38.4% CAGR over 2025-2032. Its public page gives no European total, only a German figure of USD 3,297.6 million by 2032.
What does exist is a run of rounds. Belgium’s Ravical raised a USD 17M seed on 29 October. Barcelona’s Kabilio followed on 5 November with EUR 10M, led by Picus Capital and Visionaries. Sumary’s seed is about 1.5 times Ravical’s USD 17M and about 2.2 times Kabilio’s EUR 10M (about EUR 22.3M against EUR 10M). At the other end of the scale sits Talky, with a EUR 1.5M pre-seed for AI accounting aimed at large companies.
Copenhagen builds, London sells
Ravical, Kabilio and Sumary make three accounting rounds in 12 days, and the third is the largest. Sivam describes the field himself: “Dozens, and probably soon hundreds, of AI accounting firms are being built as we speak.”
Sumary is moving its commercial base to London, outside the EU, while technology and AI research stay in Copenhagen. Sales and UK growth go to London, and AI research stays in Denmark.
The open question is whether Benelux firms buy the same pitch that the Nordic and UK firms did. Our fundraising data tracks how these rounds stack up as they land.
Benelux and London as the next tests
Benelux is the first new market, and the London hub drives UK growth in parallel. The next signals are which firms sign in Benelux and the UK, and how quickly.
