Berlin-based Candis closes €12 million Series B to expand automated accounting platform for SMBs

Candis tech.eu
annelise@tech.eu

Candis, a Berlin-based automated accounting platform, has raised a 12 million Series B round led by Viola Ventures and Rabo Frontier Ventures, the investment arm of Rabobank. Existing investors Lightspeed Venture Partners, Point Nine Capital, Speedinvest and 42CAP also participated. The fresh capital will help develop the startup’s machine learning engine and fuel expansion within Europe.

“SMBs in Central Europe have a void when it comes to efficient and effective accounting and financial processes,” says Omry Ben David, partner at Viola Ventures.

That’s where CANDIS steps in. The fintech platform automates manual bookkeeping, accounting processes and B2B payments for mid-market companies and their tax advisors.

“Our machine-learning based technology disrupts a whole industry, in which the majority of tasks are still very manual,” adds Christian Ritosek, the startup’s co-founder and managing director. “The pattern recognition engine automates accounting workflows and empowers companies with real-time data and insights to make better financial decisions.”

Founded in 2015, the German company claims its business has grown 500 percent since its last funding round, an undisclosed Series A at the end of 2018.

Photo: Candis founders 

Share this:
Share on linkedin
Share on facebook
Share on twitter

Get exclusive access to news, data and actionable insights on the European Tech innovation ecosystem(s)

By subscribing to Tech.eu, you gain instant access to curated European technology news, market intelligence and interviews with leading startup founders, investors and more. Sign up now in under a minute to deepen your knowledge on the European Tech innovation ecosystems on a daily basis.