Copenhagen-based Light, a company developing a fully automated general ledger for multinational corporations, has emerged from stealth mode with a $13M (approximately €12M) seed funding to scale its global finance solution.
Founded by Jonathan Sanders and Filip Kozjak, Light developed its AI-powered general ledger in close collaboration with former product leaders, chief architects and CXOs from Workday, SAP, Oracle, and Microsoft Dynamics.
Investors supporting Light
The round was led by European VC Atomico, with participation from Entrée Capital, Cherry Ventures, Seedcamp, and angel investors, including professional athlete Mario Götze.
With this deal, Andreas Helbig from Atomico will join Light’s board. Helbig says, “Considering how crucial accounting is to a company’s basic functioning, it’s surprising that until Light, all the technological solutions were essentially developed in the ‘90s and have been left untouched ever since.”
“Light’s made not just a brilliant and much-needed product, but has also made excellent progress in its very early stages — already working with multinational SMEs who operate across Europe and the US. I’m really pleased that they’ve chosen to partner with us to accelerate their growth and capture this hugely underserved market.”
Multinational accounting for modern companies
According to a statement from Light, since the 1980s, Enterprise Resource Planning (ERP) software has become integral to business operations, now valued at $81.5B and projected to reach $240B by 2032.
Despite this growth, current ERP solutions are outdated and fail to meet the needs of modern, global companies, particularly multinationals with complex reporting and governance requirements.
The general ledger, a crucial financial record, remains the toughest challenge for ERP software, often involving lengthy processes due to varying local accounting practices. Errors in these records can lead to issues with VAT returns, audits, and annual closings, and existing solutions typically only support single entities, falling short for multinationals.
Light aims to be the first automated ledger for global companies, reimagining ERP from the ground up. Its financial suite aims to support modern multinationals by managing all global transactions through an advanced general ledger.
Light’s platform unifies accounting, tax, payments, and reporting across multiple countries and currencies. Its AI cleans transactional data quickly and accurately, ensuring correct ledger recording and reducing the month-end closing process.
Additionally, the company’s AI functions as a teammate, using a Slackbot to answer both straightforward factual questions and key strategic business queries.
Combining these capabilities with “high-performance” infrastructure and an “intuitive” interface, Light offers a package that is cheaper, faster, and more accurate than traditional financial ERP software.
Co-founder Sanders, says, “Having not just worked at a unicorn, but started one myself, I am acutely familiar with how poor legacy accounting systems are, and how much that can impact your business. They’re expensive, very slow, and require too many add-ons to be useful on a standalone basis.”
“With Light, our goal is to help companies understand their finances more accurately and quickly by integrating a ledger with a strong application layer, helping them achieve faster growth, stronger operations, and greater resilience.”
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