Today CANDIS, the platform for automated accounting and payment processes, has announced raising €12 million in a financing round led by Viola Ventures and Rabo Frontier Ventures, the investment arm of Rabobank. Existing investors Lightspeed Venture Partners, Point Nine Capital, Speedinvest, the main incubator of Commerzbank and 42CAP also participated.
Founded in 2015, CANDIS automates manual bookkeeping, accounting processes and B2B payments for mid-market companies with machine learning. The software automatically collects bookkeeping documents from various sources, classifies and authenticates the data, generates approval processes and real-time-insights and payments for accounts payables. Thousands of companies and their tax advisors already benefit from CANDIS’ unique technology in Germany.
CANDIS intends to use the capital to continue the development of its machine learning engine and to fuel growth and expansion within Europe. The company is executing on its goal of becoming the European market leader for automated financial processes for SMBs. As of today, the company’s software automates more than 80% of all classic accounting processes and facilitates efficient collaboration with tax accounting firms across Europe.
“SMBs in Central Europe have a void when it comes to efficient and effective accounting and financial processes”, says Omry Ben David, Partner at Viola Ventures. “CANDIS is well
positioned to become the go-to platform in Europe for the automation of bookkeeping,
accounting and payment processes, as well as for the provision of financial insights and
benchmarks. This comprehensive suite will undoubtedly deliver better SMB compliance,
decision making and growth”.
Since the last financing round at the end of 2018, CANDIS’ business has grown by 500%. Christian Ritosek, co-founder and managing director of CANDIS, says: “Our machine-learning based technology disrupts a whole industry, in which the majority of tasks are still very manual. The pattern recognition engine automates accounting workflows and empowers companies with real-time data and insights to make better financial decisions.”
Jeroen van Doornik, Managing Partner at Rabo Frontier Ventures, commented on the investment: “It is great to add CANDIS to our portfolio as they have been able to create a leading position in a competitive market. We’ve been following CANDIS for a longer period of time and we consider their distribution strategy combined with their product to be a very strong proposition for both SMEs and accountants. Together with Viola, Lightspeed and the existing investors we are very keen to be working with the team and to support them in realizing their growth ambitions”.