# Copenhagen AI Accounting Startup Sumary Closes $25M Seed Round Led by Singular
> Sumary raises $25M in a seed round led by Singular to expand its AI accounting software for firms in the UK, Nordics and Benelux, with London as its hub.
- **Author:** Swati k jagtap
- **Published:** 2026-11-10
- **Updated:** 2026-11-10
- **Category:** Startups
- **Editorial type:** news
- **Topics:** seed-funding, ai-accounting
- **Canonical URL:** https://www.todaysstartupnews.com/startups/sumary-25-million-seed-singular-ai-accounting-software-europe
## Key takeaways
- Sumary has raised a $25 million seed round led by Singular, which the company says is the largest seed round for an accounting software company in Europe
- byFounders, Partech and Tenity returned as investors, with angels from Qonto, Linear and Synthesia
- The company says it works with most of the 20 largest accounting firms in the Nordics, with customers including Deloitte, Grant Thornton and Baker Tilly
- London becomes the commercial hub, CEO Pascar Sivam and COO Frederik Skov Wacher are relocating there, and Benelux expansion is planned
Sumary, a Copenhagen-founded startup that builds AI software for accounting firms, has raised $25 million in a seed round led by Singular. The announcement was made on November 10, 2026.

Existing investors byFounders, Partech and Tenity also took part. Angel investors in the round include Steve Anavi of Qonto, Tuomas Artman of Linear and Steffen Tjerrild of Synthesia.

Sumary says the financing is the largest seed round for an accounting software company in Europe. It arrives less than a year after the company's $4.2 million pre-seed round in November 2025, which byFounders led.

The software runs core tasks inside an accounting firm, including the monthly close, VAT returns and year-end preparation. It works across each client's existing bookkeeping system, and an accountant reviews and signs off every step.

Sumary reports that firms using the product for three months spend 50 percent less time on a monthly close and 75 percent less time on a VAT return.

A research team in Copenhagen has built a benchmark based on real accounting work. Sumary uses it to test which AI models perform best at each task before they handle a client's books.

The company says it now works with most of the 20 largest accounting firms in the Nordics. Its customers include Deloitte, Grant Thornton and Baker Tilly. Sumary also says it has signed contracts with large UK firms that it did not name.

Mads Fauerskov, a partner at Deloitte, said Sumary's AI and accounting workflows are a superpower every accountant deserves.

According to Sumary, Europe's accounting firms earn an estimated EUR 133 billion a year in fees, yet much of their work is still done by hand. Firms also face staff shortages and pressure to serve more clients without adding headcount.

Pascar Sivam, co-founder and chief executive, said accounting firms are being asked to do more with fewer people. He said software has to take on the preparation properly so accountants can give their time to clients and their own teams, and that the round allows the company to bring this to firms across the UK and Europe much faster.

Sivam also said Sumary wants existing accounting firms to deliver customer value as good as, or better than, that of newer entrants, by adopting AI quickly across their operations. In his view, with the right technology firms can lead this transformation rather than be disrupted by it.

Jeremy Uzan, general partner at Singular, said Sumary has one of the strongest founding teams the firm has seen in Europe at this stage, and described its commercial momentum as exceptional.

Sumary will use the capital to grow across Europe. London becomes the company's commercial hub, while Denmark remains the base for technology and AI research. Sivam and chief operating officer Frederik Skov Wacher are moving to London. The company is also expanding into Benelux.

Sivam co-founded Sumary with Bastian Schneider, who, like Sivam, is a former McKinsey consultant. The other co-founders are Lucas Rantzau, Frederik Hvilshøj and Wacher.

The pre-seed round announced in November 2025 totalled $4.2 million, or DKK 27 million. byFounders led it with participation from Partech, Tenity and a group of angel investors. Zendesk founder Morten Primdahl was among the angels named at the time.

Sara Rywe, a partner at byFounders, wrote in December 2025 that Europe's 25 million small and medium-sized businesses spend close to EUR 100 billion each year on accounting, much of it on repetitive work. byFounders described Sumary at that stage as building an AI-native accounting platform for small and medium-sized businesses, automating bookkeeping, reconciliations and VAT filings.

Tenity, which also backed the pre-seed round, said Sumary was building AI tools for bookkeeping teams, controllers and finance functions across Europe. Tenity described the round as one of the largest AI and fintech pre-seed rounds in Denmark to date.

The $25 million seed round is led by Singular. byFounders, Partech and Tenity are returning backers, and the angel group includes executives and founders connected to Qonto, Linear and Synthesia. The money is earmarked for growth across the UK and Europe, with a London commercial hub, continued AI research in Copenhagen and a move into Benelux.