SMB Accounting Automation Leader CANDIS Raises €12M Series B in Bid to Become the European Market Leader in Automated Financial Processes for SMBs
BERLIN, July 30, 2020 /PRNewswire/ -- CANDIS, the platform for automated accounting and payment processes, raised €12M 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.
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.
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.
"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 te 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."
"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," says Jeroen van Doornik, Managing Partner at Rabo Frontier Ventures.
About Candis GmbH
The software company CANDIS was founded in 2015 by Christopher Becker and Christian Ritosek with the goal to automate manual bookkeeping processes with intelligent software. Eliminating manual data entry and reconciliation, bookkeeping and accounting departments of companies become up to 5 times more efficient.
About Viola Ventures
Viola Ventures is the early-stage arm of Viola, Israel's leading tech-focused investment group, with over $3B AUM. Founded in 2000, Viola Ventures empowers early stage start-ups to become global leaders. The fund manages over $1B and has backed some of Israel's unicorns such as Payoneer, ironSource Lightricks, Redis Labs, Pagaya. https://www.viola-group.com/
About Rabo Frontier Ventures
RFV is a €150 million investment fund of Rabobank, focusing globally on innovative Fintech and Agtech companies. RFV aims to invest directly in the early growth stage (series B) of companies that are disrupting or influencing the current business of Rabobank and indirect in leading general tech funds such as Holtzbrinck, Northzone, Speedinvest and Valar Ventures. https://rabofrontierventures.com/
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