Candis, a Berlin-based automated accounting platform, has raised a 12 million euro Series B round led by Viola Ventures and Rabo Frontier Ventures, the investment arm of Rabobank. Existing investors Lightspeed Venture Partners, Point Nine Capital, Speedinvest and 42CAP also participated. The fresh capital will help develop the startup’s machine-learning engine and fuel expansion within Europe.
“SMBs in Central Europe have a void when it comes to efficient and effective accounting and financial processes,” said Omry Ben David, partner at Viola Ventures.
That’s where Candis steps in. The fintech platform automates manual bookkeeping, accounting processes and B2B payments for mid-market companies and their tax advisers.
“Our machine-learning based technology disrupts a whole industry, in which the majority of tasks are still very manual,” adds Christian Ritosek, the startup’s co-founder and managing director. “The pattern recognition engine automates accounting workflows and empowers companies with real-time data and insights to make better financial decisions.”
Founded in 2015, the German company claims its business has grown 500 percent since its last funding round, an undisclosed Series A at the end of 2018.
Photo: Candis founders
Blogroll illustration: Li-Anne Dias