# Sumary Secures $25 Million Seed Funding to Automate European Accounting Copenhagen-based startup targets accounting efficiency with AI-driven workflows for major European firms. - **Source:** [The Next Web](https://brifing.si/source/afe24b20-b275-4c19-b9a6-8bb3c8babae7) - **Published:** 2026-11-10 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/0c01cccb-84f5-47a8-a646-14539518fd3a ## Record Seed Funding Round Copenhagen-founded startup Sumary has raised $25 million in a seed round led by Singular. This investment follows a $4.2 million pre-seed round from November 2025. The company claims this is the largest seed round for an accounting software firm in Europe, aiming to accelerate expansion across the UK and continent. ## Operational Efficiency Gains Sumary’s software automates core accounting tasks including monthly closes, VAT returns, and year-end preparations. Firms utilizing the platform for three months report a 50% reduction in time spent on monthly closes and a 75% decrease in VAT return processing. Accountants retain oversight by reviewing and signing off on every automated step. ## Strategic Market Positioning The company currently serves most of the 20 largest accounting firms in the Nordics, including Deloitte, Grant Thornton, and Baker Tilly. By integrating with existing bookkeeping systems, Sumary allows established firms to compete with new market entrants. The startup has also secured contracts with several large, unnamed accounting firms in the UK. ## AI Benchmarking Methodology A dedicated research team in Copenhagen has developed a benchmark of real-world accounting tasks. Sumary utilizes this proprietary dataset to rigorously test and select the most effective AI models for specific financial workflows. This technical approach ensures that the software maintains high accuracy before handling sensitive client bookkeeping and financial data. ## Addressing Industry Labor Shortages European accounting firms generate approximately €133 billion in annual fees, yet manual processes remain prevalent. Firms face significant pressure to manage increasing client volumes despite widespread staff shortages. Sumary aims to alleviate this burden by automating preparation tasks, allowing human accountants to focus on high-value advisory services for their clients. ## Geographic Expansion Strategy Sumary is establishing London as its primary commercial hub, with CEO Pascar Sivam and COO Frederik Wacher relocating to the UK. While commercial operations shift to London, Denmark remains the central base for the company’s technology and AI research. The startup is also actively expanding its footprint into the Benelux region. ## Founding Team and Backers The startup was co-founded by former McKinsey consultants Pascar Sivam and Bastian Schneider, alongside Lucas Rantzau, Frederik Hvilshøj, and Frederik Skov Wacher. Investors include byFounders, Partech, and Tenity. Notable angel investors participating in the round include Steve Anavi of Qonto, Tuomas Artman of Linear, and Steffen Tjerrild of the company Synthesia. ## Future Industry Transformation Sumary intends to use the new capital to scale its operations rapidly across Europe. By providing established firms with advanced AI tools, the company seeks to lead the digital transformation of the accounting sector. The goal is to ensure traditional firms remain competitive against emerging, tech-native competitors through rapid operational AI adoption. ## Sources covering this story - [The Next Web — Sumary Secures $25M to Automate European Accounting Workflows](https://thenextweb.com/news/sumary-25m-seed-ai-accounting) - [Sifted — AI Accounting Startup Sumary Secures $25 Million Seed Funding](https://sifted.eu/articles/sumary-seed-fundraise/) --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._