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 the 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

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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://wwwviola-groupcom/

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://rabofrontierventurescom/