Copenhagen-founded Sumary, the AI operating system for accounting work, has raised $25 million, approximately €23 million, in Europe’s largest accounting software seed round.
The round was led by Singular, with participation from existing investors by Founders, Partech, and Tenity, and angel investors including Steve Anavi (Qonto), Tuomas Artman (Linear), Stanislas Polu (Dust), Steffen Tjerrild (Synthesia), Jannick Malling (Public.com), and Ben Freeman (Omnea). It comes less than a year after the company’s €3.6 million pre-seed, one of the largest ever completed in Denmark at that stage.
But while the funding accelerates Sumary’s growth across the UK and Europe, it also moves the company’s centre of gravity westward. London becomes Sumary’s commercial hub, and co-founders Pascar Sivam and Frederik Skov Wacher are relocating there to lead the next phase of UK growth. Copenhagen, however, remains the centre of the company’s technology and AI research.
That research team in Copenhagen is central to the story. It has built something the industry has lacked: a benchmark of real accounting work. Every leading AI model is tested against it, so Sumary knows, task by task, which model is best at accounting. The same benchmark measures everything built around the model, and every new model is measured before it is trusted with a client’s books. The company is also expanding into more countries in Europe, starting with Benelux.
“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,”
said Pascar Sivam, co-founder and CEO.
Sumary was founded by former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), alongside Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist and ex-Lead ML Engineer at Encord), and Frederik Skov Wacher (COO).
“Sumary has one of the strongest founding teams we have seen in Europe at this stage and their commercial momentum is exceptional. They have combined deep AI research capabilities with an understanding of how accounting firms operate and are already winning the trust of some of the industry’s largest players. We believe Sumary has what it takes to become the defining AI platform for accounting in Europe,”
said Jeremy Uzan, General Partner at Singular.
The company already works with the majority of the Nordics’ 20 largest accounting firms and has secured major contracts with leading UK players. Its customers include several of the world’s largest accounting firms, including Deloitte, Grant Thornton, and Baker Tilly. Accounting firms using Sumary report spending 50 percent less time on a monthly close and 75 percent less on a VAT return after three months.
“Summary’s AI and accounting workflows are a superpower every accountant deserves,”
said Mads Fauerskov, Partner at Deloitte.
A Race Against AI-Native Accounting Firms
Europe’s accounting firms generate an estimated €133 billion in annual fees, yet much of the industry’s work remains manual. With firms facing growing talent shortages, a new wave of AI-native accounting firms is emerging to compete directly with established practices.
“Dozens, and probably soon hundreds, of AI accounting firms are being built as we speak. We want to offer existing accounting firms the chance to deliver customer value that is as good as, if not better than, these new entrants, by adopting AI quickly across their operations. With the right technology, they can lead this transformation rather than be disrupted by it,”
said Pascar Sivam.
