Sumary Raises $25Mn in Seed Funding to Expand Its AI-Powered Accounting Platform in Europe

The funding round also included several angel investors. These include Steve Anavi from Qonto, Tuomas Artman from Linear, Stanislas Polu from Dust, Steffen Tjerrild from Synthesia, Jannick Malling from Public.com and Ben Freeman from Omnea.

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 was founded by former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), along with Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist) and Frederik Skov Wacher (COO).

The company develops an AI-powered platform that helps accounting firms automate daily tasks and manage their operations more efficiently.

Many accounting firms across Europe still depend on manual work. They also face staff shortages and growing pressure to serve more clients without hiring more employees. At the same time, new accounting firms using AI are creating more competition for traditional businesses.

Sumary aims to solve these problems by automating important accounting tasks, such as monthly financial reports, VAT returns and year-end accounts. Its platform works with clients and their existing accounting software. It prepares the work for accountants to check and approve, while allowing them to remain in control.

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