Sumary raises $25m seed to automate accounting work with AI

Most accounting firms still do their monthly close by hand. Sumary, a Copenhagen startup, says it can cut that time in half. The Next Web reports that Sumary raised $25m in a seed round on 10 November 2026. Singular led the round. byFounders, Partech and Tenity also took part.

The angel list runs through the European AI tool circle. Steve Anavi from Qonto, Tuomas Artman from Linear, and Steffen Tjerrild from Synthesia all backed the round. The deal comes a year after the company's $4.2m pre-seed. Sumary calls it the largest seed round for an accounting software company in Europe. The Next Web reports that as the company's own claim.

What the product does

Sumary is an AI platform for accounting firms. It handles monthly closes, VAT returns and year-end work. The Next Web reports the company's own figures on time saved. Firms using it for three months spend 50 percent less time on a monthly close. They spend 75 percent less on a VAT return. Those are Sumary's numbers, not an outside audit.

The founders are Pascar Sivam, Bastian Schneider, Lucas Rantzau, Frederik Hvilshøj and Frederik Skov Wacher. Sivam and Schneider used to work at McKinsey.

The customer list

Sumary says it works with most of the Nordics' 20 largest accounting firms. The Next Web lists Deloitte, Grant Thornton and Baker Tilly as named customers. Leading UK firms are on the list too. The Next Web does not break out how many fee-paying seats each firm uses.

Where the money goes

Sumary plans to open commercial offices in London. It will expand into the Benelux region next. Copenhagen stays as the engineering and AI research base. The Next Web says the company has not stated its headcount.

What this means for a buyer in finance

The story for any firm outside accounting is the shape of the deal. A big firm is willing to put AI software through its procurement. It is willing to let that software touch client books. A startup can show a saving in hours per month as its headline figure. It is not showing a tokens-per-second chart or a benchmark score. For a founder selling AI into a cautious buyer, that is the closest thing to a map.

The caveat sits in the numbers. 50 percent less time and 75 percent less time are Sumary's own figures. They come from clients who have used the product for three months. The Next Web does not report an outside audit of those numbers. A buyer running its own pilot will want its own count.

Source

Sumary raises $25m in what it calls Europe's largest accounting seed round, by The Next Web.