The Copenhagen-based startup plans to expand into the UK and Benelux markets, using AI to automate accounting workflows, including financial reporting, VAT returns and bookkeeping.
Copenhagen-based artificial intelligence startup Sumary has raised €22 million ($25 million) in a seed funding round to expand its AI-powered accounting platform across Europe. The investment will support the company's expansion into new markets, including the UK and Benelux, while strengthening its technology development and AI research operations.
The funding round was led by venture capital firm Singular, with participation from existing investors byFounders, Partech and Tenity. Several angel investors also participated, including Steve Anavi of Qonto, Tuomas Artman of Linear, Stanislas Polu of Dust and Steffen Tjerrild of Synthesia.
The latest investment follows Sumary's €3.7 million pre-seed funding round, completed less than a year ago. The company describes its latest financing as Europe's largest seed round for accounting software.
Founded in 2025, Sumary develops an AI-powered operating system designed to automate routine accounting processes for professional services firms and finance teams. Its platform supports tasks including monthly financial closes, VAT returns, transaction verification and year-end financial preparation.
The software works with existing accounting systems, allowing firms to automate preparatory tasks while retaining human oversight of financial records and approvals.
According to Sumary, accounting firms using its platform for three months have reported a 50 per cent reduction in time spent completing monthly financial closes and a 75 per cent reduction in time required to prepare VAT returns.
These figures are company-reported and have not been independently verified.
Sumary currently works with a majority of the 20 largest accounting firms in the Nordic region. Its customers include Deloitte, Grant Thornton and Baker Tilly.
Pascar Sivam, Co-founder and CEO of Sumary, said accounting firms are increasingly required to manage growing workloads with limited staffing resources.
"Software has to take on the preparation properly, so accountants can give their time to the people who depend on them," Sivam said.
The company plans to establish London as its commercial hub while retaining Copenhagen as the centre of its technology development and AI research. Sivam and Co-founder Frederik Skov Wacher will relocate to London to oversee the next phase of expansion.
Sumary also intends to strengthen its commercial operations and expand its team of accountants supporting customer implementation.
The funding comes amid increasing investment in AI-powered financial automation across Europe. Companies including Kabilio, Integral and mika have also secured funding in 2026 to develop AI-based accounting and financial management solutions.
Sumary's expansion plans reflect growing enterprise interest in automating repetitive financial processes while allowing accounting professionals to focus on client advisory services and financial decision-making.
The company has not disclosed a timeline for completing its planned expansion across European markets.
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