Bokio, the Swedish startup applying AI to small business bookkeeping, has raised a €4 million round, led by Stockholm-based VC firm, creandum, with support from Svea and Chris Adelsbach.
For small businesses, sole traders, and freelancers, Bokio supports a wide range of administrative tasks including invoicing, employee expenses, reporting and VAT returns. The interface is designed to be user-friendly enough that a first-time business owner can navigate their accounting with ease.
Founded in Gothenburg in 2015, the startup launched in the UK this year and plans to use the new investment to expand in that market.
Viktor Stensson, Bokio CEO and co-founder, commented: "We are excited to continue our partnership with Creandum, who share a mutual passion for serving the ever-growing SME community. Accountancy continues to be an expensive and inaccessible task for many small businesses and freelancers, and we are committed to democratising it by providing a simple, yet powerful, free-to-use service, with genuinely useful add-on services providing users with even more control and support. After achieving market dominance in our native Sweden, we are now focused on scaling our business up in the UK, where we have already seen a huge demand for our tool since launching earlier in 2019."
Johan Brenner, at Creandum, added: "We are proud to continue our journey as an investor in Bokio with this new injection of funding. Viktor, Mikael and the team have taken the company to great heights in Sweden and we are looking forward to seeing the company expand and develop its product across the UK and beyond. At Creandum, we are always looking to support future category leaders and we believe Bokio can become a global name in the accounting software space."