Generative AI Startup mika Lands €800k to Automate Accounting and Tax Filings for Small Businesses• Financing round of €800k led by investors: Keen Venture Partners, DFF, SlimmerAI
• Startup mika was founded in 2022, followed by a pivot with new leadership in 2024
• This generative-AI-powered financial management for small businesses aims to eliminate bureaucratic hurdles & simplify financial management for small enterprises
Berlin, June 18th, 2024 – mika, a Berlin-based genAI startup focused on eliminating bureaucratic overhead for small businesses, has secured €800k in pre-seed funding. The investment round was led by Samen Slimmer, an alliance composed of Keen Venture Partners, DFF, and Slimmer AI. mika builds generative AI-powered autonomous agents to handle accounting tasks, tax filings, and financial advice – making financial management more accessible, efficient, and cost-effective for small businesses.
As part of mika’s development, the company has been a participating startup in Earlybird Venture Capital’s Vision Lab, a program for exceptional founders in Germany of migrant origins who are building compelling solutions.
Small businesses struggle with complex accounting, tax filings, and financial planning. mika leverages generative AI to automate these tasks, helping entrepreneurs focus on growth and innovation instead of bureaucracy. A recent study by INSM found that 90% of businesses in Germany see bureaucracy as a major burden; mika aims to alleviate that as an initial step. The company has plans to serve more of Europe later, since similar problems exist in neighboring countries, as evidenced by the Global Entrepreneurship Monitor's findings.
"Small businesses are the backbone of our economy, yet they're drowning in bureaucracy—overcharged, underserved, and lost in paperwork," said Agnieszka M. Walorska, CEO and Founder of mika. "Having bootstrapped my first business as a migrant with no network, I know these challenges firsthand; that’s why I’m building mika. Imagine having a CFO-level AI in your pocket, handling all the financial complexities so you can focus on your passion. That's mika.”
The €800k pre-seed funding will support further development of mika’s AI-powered accounting and tax co-pilot, initially focusing on the €10 billion German market. This investment round was led by the Samen Slimmer alliance, known for partnering with bold entrepreneurs to build category-defining companies.
Djoni de Vos, Investor at Keen Venture Partners, commented: "Agnieszka makes it possible to get enthusiastic about tax and accounting, and that's quite the accomplishment. The opportunity to bring AI into play to simplify financial management is enormous, and we are very pleased to back an entrepreneur in this space as resilient and driven as Agnieszka."
mika’s initial offering is an AI-powered accounting and tax co-pilot designed to automate key financial tasks. This first product is designed to:
• Save time and reduce errors by streamlining automated accounting and VAT reporting for small businesses.• Optimize financial health by offering AI-driven, proactive advice and insights.• Provide real-time support and queries through a conversational AI-powered accountant interface.
• Help businesses understand and respond to official communications with interpretation of letters from financial authorities.The waiting list is open to make use of mika’s tools and the company seeks additional collaboration with tax advisors.About mika: Berlin-based genAI startup mika aims to ease financial management for small businesses. mika’s mission is to close the financial inclusion gap by providing small businesses with AI-powered tools that automate accounting, tax filings, and financial advice. By collaborating with tax advisors, mika merges the best of AI and human expertise, making expert-level financial navigation and compliance accessible to all small businesses. Initially founded in 2022, the startup pivoted to its current focus in 2024 under the leadership of co-founder Agnieszka Walorska.
