A partnership with new investors enables us to continue to grow and expand, to invest extensively in our product development and to recruit the best possible employees. We are proud and delighted to welcome Viola Ventures and Rabo Frontier Ventures on board. Together with our existing investors main incubator, Speedinvest, 42CAP and Point Nine Capital, they have invested a total of 12 million euros in our series B round.
The year 2020 has not yet been particularly easy for the global start-up scene, but we have nevertheless managed to record a successful investment deal at CANDIS. The new capital will help us to strengthen our leading position as a provider of digital accounting solutions in Germany and to enable further expansion into neighbouring countries. We are thus meeting the increasing demand for powerful cloud accounting for medium-sized companies to simplify the daily work in the finance department.
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.”
We are pleased to welcome Omry Ben David from Viola Ventures and Jeroen van Doornik from Rabo Frontier Ventures to the advisory board. Both are very experienced board members who have worked with companies such as Payoneer and Northzone.
This expertise ensures that CANDIS will continue to expand its market leadership in the field of automated financial processes and that we can hire the best people (yes, we are hiring) to achieve this.