Sumary Raises $25 Million in Seed Funding to Accelerate AI-Powered Accounting Across Europe
Copenhagen-based Sumary, an AI software company developing solutions for accounting firms, has raised $25 million in a seed funding round led by Singular, with participation from existing investors byFounders, Partech, and Tenity, alongside several angel investors. The announcement comes less than a year after the company secured $4.2 million in pre-seed funding in November 2025.
The latest round brings Sumary’s total funding to $29.2 million. The angel investors include Steve Anavi (Qonto), Tuomas Artman (Linear), Stanislas Polu (Dust), Steffen Tjerrild (Synthesia), Jannick Malling (Public.com), and Ben Freeman (Omnea), among others. According to the company, the funding represents the largest seed round ever raised by an accounting software company in Europe.
Sumary develops an AI-powered operating system for accounting firms, designed to automate workflows, check transactions, and generate insights. Its platform handles essential accounting processes, including monthly closing, VAT returns, and year-end procedures, while allowing accountants to review and approve each output before it is finalized.
Commenting on the funding, Pascar Sivam, Co-founder and CEO of Sumary, said: “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.”
As part of its expansion strategy, Sumary is establishing London as its main commercial hub, while Denmark will remain the centre of its technology and AI research operations. CEO Pascar Sivam and COO Frederik Skov Wacher are both relocating from Copenhagen to London to lead the company's UK growth. Sumary is also expanding across Europe, with the Benelux region identified as its first target market.
The company’s Copenhagen-based research team has developed a benchmark based on actual accounting work, testing leading AI models against it before deploying them for clients. According to Sumary, firms using its platform for three months have achieved a 50% reduction in the time spent on monthly closing and a 75% reduction in the time required to prepare VAT returns.
Sumary also reports having arrangements with most of the 20 largest accounting firms across the Nordic countries, alongside contracts with several leading UK firms. Its customers include Deloitte, Grant Thornton, and Baker Tilly.
The funding comes amid growing competition in the AI accounting sector, where startups are pursuing two different approaches: providing AI solutions to established accounting firms or building entirely new AI-native accounting businesses. Sumary is positioning itself within the first category, focusing on helping existing firms strengthen their operations and compete with emerging AI-driven entrants.
Sivam highlighted the company's strategy, stating: “Dozens, and probably soon hundreds, of AI accounting firms are being built as we speak. 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 company aims to integrate with the accounting ledgers already used by firms and serve as their operational partner, enabling accountants to spend less time on routine administrative work and more time delivering advisory services.
Jeremy Uzan, General Partner at Singular, commented: “Sumary has one of the strongest founding teams we have seen in Europe at this stage and their commercial momentum is exceptional. They have combined deep AI research capabilities with an understanding of how accounting firms operate and are already winning the trust of some of the industry’s largest players. We believe Sumary has what it takes to become the defining AI platform for accounting in Europe.”
The funding also comes as the European accounting software market continues to expand. According to Grand View Research, the market was valued at $5.4 billion in 2024 and is projected to reach $8.4 billion by 2030. With its latest funding, Sumary aims to accelerate its European expansion and strengthen its position as an AI technology partner for established accounting firms.
