Danish startup Light just closed a $30 million Series A round led by Balderton Capital, the same firm that backed fintech unicorns Revolut and GoCardless. The Copenhagen-based company is betting AI can finally crack the decades-old corporate accounting software market dominated by Microsoft, Oracle, and SAP. With customers like buzzy AI firm Lovable and Workday acquisition target Sana Labs already on board, Light's timing couldn't be better as European VCs hunt for the next big AI play.
Light just became the latest European startup to cash in on the AI boom sweeping through venture capital. The Danish company closed a $30 million Series A round led by Balderton Capital, putting it in prestigious company alongside the firm's previous fintech bets Revolut and GoCardless.
Founded in 2022, Light develops software that uses artificial intelligence to automate the grunt work plaguing corporate finance teams - accounting, bookkeeping, and financial reporting. CEO and co-founder Jonathan Sanders told CNBC the Copenhagen-headquartered startup plans to "double down on the commercial side" with its fresh cash.
The funding round attracted a who's who of European venture capital. Atomico, Cherry Ventures, Seedcamp, and Entrée Capital all participated, along with notable angel investors including Hugging Face co-founder Thomas Wolf and Meta board member Charlie Songhurst. The investor lineup signals serious confidence in Light's approach to disrupting a market that's been stuck in the past.
Light isn't operating in a vacuum. The AI-powered finance software space is heating up fast, with European startups leading the charge. Pigment, which positions itself as a more user-friendly alternative to Microsoft Excel for business planning, raised $145 million last year at a valuation north of $1 billion. More recently, accounting software startup Pennylane secured €75 million, doubling its valuation to €2 billion.
The competition makes sense when you look at what Light is up against. The corporate finance software market is dominated by legacy giants Microsoft, Oracle, and SAP - systems that Sanders describes as cumbersome beasts requiring specialists to "tinker around the edges for a year or two just to make it work." That's exactly the opening Light is targeting.
