Sumary raises $25M seed round led by Singular to expand AI accounting platform across Europe

Sumary, a Copenhagen-founded startup building AI software for accounting firms, has raised $25 million in a seed round led by Singular. Existing investors byFounders, Partech and Tenity also took part.

The round drew a group of angel investors, including Steve Anavi of Qonto, Tuomas Artman of Linear, Stanislas Polu of Dust, Steffen Tjerrild of Synthesia, Jannick Malling of Public.com and Ben Freeman of Omnea. It comes less than a year after the company closed a $4.2 million pre-seed round.

Sumary was founded by former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), together with Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist) and Frederik Skov Wacher (COO). It develops an AI-powered operating system that automates accounting workflows. The platform covers monthly financial closes, VAT returns and year-end preparation. It works across clients and their existing accounting systems, and prepares tasks for accountants to review and approve.

The company says firms using the product spend 50 per cent less time on monthly closes and 75 per cent less time preparing VAT returns after three months. European accounting firms still rely heavily on manual processes, face talent shortages and are under pressure to serve more clients without growing headcount. AI-native accounting firms are also emerging as new competitors.

"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," Sivam said.

Sumary works with the majority of the 20 largest accounting firms in the Nordics and has contracts with leading UK firms. Its customers include Deloitte, Grant Thornton and Baker Tilly. A Copenhagen-based research team has built a benchmark that tests AI models against real accounting tasks before they are added to client workflows.

The new funding will support expansion across Europe, starting with Benelux. Sumary plans to make London its commercial hub, while Denmark remains the centre of technology development and AI research.