Benford, an audit-tech startup, has secured €5 million in a pre-seed funding round. The investment was led by firstminute capital and Global Founders Capital, with participation from Sondo and several angel investors, including founders of Pennylane and Qonto.
Founded in 2026 by Mads Bogen Øye, Thibault Mallion, and Andreas Rystad, the company operates as a registered audit firm in Norway. It currently employs 20 people across offices in London and Oslo. The startup focuses on small and mid-sized enterprises, a segment it claims is being underserved by the Big Four firms.
The core product, AuditOS, integrates with client ERP systems, invoices, and bank feeds to automate manual tasks typically performed by junior auditors. Unlike software-only providers, Benford holds the audit license and provides end-to-end services, allowing for cumulative audit work.
The global audit market is valued at $58.68 billion in 2024 and is projected to reach $78.7 billion by 2030. Benford plans to use the new capital to expand its operations from Norway into Sweden and other European markets, as well as to hire additional staff in engineering and audit roles.
The competitive landscape includes other startups like Repodo, which raised €8.2 million, Cortea with €12 million, and Auditstage with €750,000. These companies are exploring various models of AI-driven audit automation, though the regulatory acceptance of AI-generated audit opinions remains a key factor for the industry.
