Accounting tech firm Sumary raises $25m in funding

Sumary, a Copenhagen-headquartered AI platform for accountancy practices, has raised $25m in a seed funding round. The money will support its European expansion.

The company says London will become its commercial hub, while Denmark remains its base for technology development and AI research. Co-founders Pascar Sivam and Frederik Skov Wacher will move to London to lead the next phase of growth in the UK.

Sumary plans to use the funding to accelerate its European expansion, beginning in the Benelux region.

The round follows a $4.2m pre-seed raised less than a year earlier. According to the company, that pre-seed was among the largest Danish rounds at that stage.

Several individual backers took part in the latest round: 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.

For the Danish and Nordic AI scene, the story shows a Copenhagen startup moving from a record-sized pre-seed to a $25m seed in under a year. It is also shifting its commercial leadership abroad while keeping development and research in Denmark.