- Ken Villum Klausen, Peter Andreasen, and Joachim Strøjer Hansen have raised €8.2 million in pre-seed funding. They will use this money to start Repodo, an AI-powered audit firm.
- The funding round, with Hedosophia and Seed Capital as the lead investors, exceeds the typical range of €500,000 to €3 million seen in European pre-seed rounds in 2026, and Repodo is targeting an audit market valued at $74.32 billion.
- Repodo will start in Denmark by automating data collection and reconciliation, and licensed auditors will continue to be in charge of judgement and final approval.
Ken Villum Klausen, Peter Andreasen, and Joachim Strøjer Hansen, who were the CEO, CFO, and CPO of Lunar, respectively, have secured €8.2 million for Repodo, an audit firm built from the start on AI rather than having AI added to an existing service.
The round was led by Hedosophia, the London-based venture firm whose portfolio includes Monzo, Wise and Stripe, alongside Danish early-stage investor Seed Capital, which also previously backed Lunar.
“Audit still relies on an operating model which is heavily based on manual work,” said Klausen, pointing out that AI provides an opportunity to ‘redesign that model from the ground up, not by getting rid of auditors, but by enabling technology to take over more of the repetitive processing.’
He also stated, “We have previously seen how technology can fundamentally enhance the customer experience in a highly regulated industry. Denmark is our starting point, but our aim is to establish a European audit firm for the AI era.”
The Big Four continue to hold their position as leaders
The auditing services market in Europe will amount to $74.32 billion in 2026 and will rise to $99.73 billion by 2031. About 72% of that revenue is derived from external audits. The firms Deloitte, EY, KPMG, and PwC together hold 97% of the market. Regulatory bodies have been monitoring penetration for many years, yet the market has not changed.
For Repodo, this situation presents a significant opportunity. It is based in Copenhagen and was co-founded by an auditor, Anders Houmann, whose licence allows the company to approve the statutory accounts. In contrast to Lunar, carrying out work means that one also becomes a regulated company.
How the platform works, and who else is chasing the same idea
The platform carries out the autautomateseconciliations, documentation, and transaction analysis. Even so, qualified auditors must still be responsible for carrying out the reconductant, exercising professional judgement, and giving the final approval.
Founders have stressed this difference when compared with a number of ‘AI in audit’ tools, since those are generally added on to the existing workflows rather than representing a completely new approach.
Others are taking the same approach, and one competitor is competing with it for funding.
Cortea, a Berlin-based startup supported by MG’s former global audit chief, raised €12 million in June for AI agents that examine audit reports at the final stage. In Belgium, Auditstage has raised €750,000 for an earlier-stage version of a similar idea.
Although Repodo has a funding level between the two, it differs in that it aims to do so, as the firm itself is selling software to other firms.
The investor case, and what’s still unnamed
Sarra Zayani, a partner at Hedosophia, stated that Repodo’s team is not “just applying AI to an existing audit workflow” but is instead “rebuilding the operating model around the technology while at the same time keeping the professional accountability which is necessary for audit.”
She also said, “The founders have a first-hand experience of building and scaling a technology challenger in a highly regulated market together with a clear understanding of how AI can change the economics and customer experience of a very large industry. In our view, this provides the foundations for a significant European company.”
The funds will be used to develop Repodo’s platform and team and to launch in Denmark, with the intention of expanding throughout Europe.
It is not yet clear whether audit clients and regulators will place their trust in a firm that focuses on AI and which therefore gives statutory sign-off, just as compliance start-ups such as Kertos have done with respect to GDPR workflows. Although software vendors would not be liable if an audit opinion proved to be wrong, Repodo would be.
