Swedish Fintech firm Bokio has raised €4 million (appr. $4.4 million) via an investment round led by Creandum, an early Spotify investor. European financial group Svea and Chris Adelsbach, managing director at Techstars, also took part in the funding round.
The capital raised will be used to help Bokio further expand its operations in the UK market and enhance its AI-powered bookkeeping platform.
Viktor Stensson, CEO and co-founder at Bokio, stated:
“We [aim] to continue our partnership with Creandum, who share a mutual passion for serving the ever-growing SME community. Accountancy continues to be an expensive and inaccessible task for many small businesses and freelancers, and we are committed to democratizing it by providing a simple, yet powerful, free-to-use service, with … useful add-on services providing users with even more control and support.”
“After [establishing operations] in our native Sweden, we are now focused on scaling our business up in the UK, where we have already seen a huge demand for our tool since launching earlier in 2019.”
Established in 2015 in Gothenburg, Sweden, Bokio uses artificial intelligence (AI) to simplify the bookkeeping processes for small companies, individual traders, and freelance workers. The company’s software serves as a sort of digital assistant, which offers support for various administrative tasks such as invoicing, worker expenses, reporting and VAT returns.
Johan Brenner, general partner at Creandum, noted:
“We are proud to continue our journey as an investor in Bokio with this new injection of funding. Viktor, Mikael and the team have taken the company to great heights in Sweden and we are looking forward to seeing the company expand and develop its product across the UK and beyond. At Creandum, we are always looking to support future category leaders and we believe Bokio can become a global name in the accounting software space.“