Sumary, an artificial intelligence platform designed for accounting practices, has secured €25M in its seed funding round, with Singular leading the investment. The round also drew participation from returning backers byFounders, Partech and Tenity, alongside angel support from Steve Anavi (Qonto), Tuomas Artman (Linear) and Steffen Tjerrild (Synthesia).
According to the Copenhagen-based firm, this represents the largest seed investment ever raised by an accounting software company in Europe. The funding arrives less than a year after the company closed a €4.2M pre-seed round in November 2025, which byFounders had led.
Pascar Sivam, Sumary's co-founder and chief executive, explained the company's mission: "Accounting firms are being asked to do more with fewer people. Software has to take on the preparation properly, so accountants can give their time to the people who depend on them: their clients and their own teams. That is what we have built. This round lets us bring that to firms across the UK and Europe much faster."
What Sumary does
The platform handles essential accounting workflows including monthly closes, VAT filings and year-end procedures. It integrates with clients' current bookkeeping infrastructure, with accountants retaining oversight and approval authority at each stage.
According to Sumary's data, practices using the software for a three-month period report cutting monthly close time by half and reducing VAT return preparation by 75%. The company has built a research team in Copenhagen that maintains a real-world accounting work benchmark, enabling it to evaluate which AI models perform optimally for specific tasks before deploying them on client accounts.
Current traction and market opportunity
Sumary currently serves most of the 20 largest accounting firms across the Nordic region. Its client roster includes Deloitte, Grant Thornton and Baker Tilly, and the company has also inked agreements with major UK practices, though it has not disclosed their identities.
Mads Fauerskov, a partner at Deloitte, commented: "Sumary's AI and accounting workflows are a superpower every accountant deserves."
The broader European accounting sector generates approximately €133bn annually in fees, yet significant portions of the work remain manual. Accounting firms are simultaneously grappling with talent shortages and mounting pressure to expand their client bases without proportional headcount increases.
Expansion strategy
Sumary intends to deploy the new capital to expand throughout Europe, establishing London as its commercial operations center while maintaining Copenhagen as the hub for technology development and AI research. Chief executive Sivam and chief operating officer Frederik Skov Wacher are relocating to London, and the company is simultaneously entering the Benelux market.
Sivam elaborated on the company's positioning: "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."
The founding team
Sivam established Sumary alongside Bastian Schneider, both former consultants at McKinsey, as well as Lucas Rantzau, Frederik Hvilshøj and Wacher.
Jeremy Uzan, general partner at Singular, remarked: "Sumary has one of the strongest founding teams we have seen in Europe at this stage, and their commercial momentum is exceptional."
Source: The Next Web
