Sumary secures $25M to expand its accounting software across Europe

Copenhagen-founded AI accounting software startup Sumary has raised $25 million in a seed funding round led by Singular, with participation from existing investors byFounders, Partech and Tenity. The round also attracted angel investors, including Steve Anavi (Qonto), Tuomas Artman (Linear), Stanislas Polu (Dust), Steffen Tjerrild (Synthesia), Jannick Malling (Public.com) and Ben Freeman (Omnea).

The investment follows a $4.2 million pre-seed round completed less than a year ago.

Founded by former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), alongside Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist) and Frederik Skov Wacher (COO), Sumary develops an AI-powered operating system designed to automate accounting workflows and help firms manage their operations more efficiently.

Accounting firms across Europe continue to rely heavily on manual processes while facing growing talent shortages and pressure to serve more clients without proportionally increasing their teams. The emergence of AI-native accounting firms is also creating new competition for established practices, increasing the need for more automated and scalable operations.

Sumary aims to address these challenges by automating core accounting processes, including monthly financial closes, VAT returns and year-end preparation. Its platform works across clients and their existing accounting systems, preparing tasks for accountants to review and approve while maintaining professional oversight.

According to the company, accounting firms using Sumary report spending 50 per cent less time on monthly closes and 75 per cent less time preparing VAT returns after three months. By reducing repetitive bookkeeping and compliance work, the platform aims to allow accountants to dedicate more time to client advisory services, financial analysis and business decision-making.

The technology is supported by a Copenhagen-based research team that has developed a benchmark for evaluating AI models against real accounting tasks. This enables Sumary to assess model performance, verify outputs and evaluate new AI models before integrating them into client workflows.

Commenting on the growing competition from AI-native accounting firms, Pascar Sivam, co-founder and CEO of Sumary, said:

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.

Sumary now works with the majority of the Nordics' 20 largest accounting firms and has secured contracts with leading UK firms, with customers including Deloitte, Grant Thornton and Baker Tilly.

With the new funding, Sumary plans to expand across Europe, starting with the Benelux region, while establishing London as its commercial hub and keeping Denmark as the centre of its technology development and AI research.