Germany-based startup Candis, the provider of an automated accounting platform, has raised €12 million in series B funding.
Candis plans to invest the funding in growth and expansion, product development, and recruitment. Viola Ventures and Rabo Frontier Ventures, together with existing investors Speedinvest, 42CAP and Point Nine Capital, participated in the round.
Launched in 2015, Candis provides cloud accounting to medium-sized companies in need of digital solutions to simplify their finance functions.
Christian Ritosek, co-founder and managing director of Candis, explained: “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.”
Following the investment, Omry Ben David of Viola Ventures and Jeroen van Doornik from Rabo Frontier Ventures joined the advisory board at Candis, which described them as experienced board members who have worked with companies such as Payoneer and Northzone
Israel’s Viola Ventures in particular is heavily focused on emerging technology startups, having supported more than 200 since its inception in 2000.
Rabo Frontier Ventures, meanwhile, specialises in fintech and agtech, and has a €120 million venture capital fund at its disposal.