Swedish AI company Grasp, which automates investment banking and management consulting work using multi-agent systems, has raised $7m in Series A funding to accelerate its international expansion.
The round was led by Octopus Ventures, with participation from existing investor Yanno Capital. Alongside the funding, Grasp announced the opening of its first international office in London to meet increasing global demand for its technology.
This new investment brings the company’s total funding to $9m.
Founded in 2020 by former McKinsey consultants Richard Karlsson and Johan Devér, together with ex-Ericsson AI engineer Simon Hällqvist, Grasp develops multi-agent AI systems that replicate complex finance tasks traditionally performed by analysts.
The company’s platform integrates domain-specific AI systems with trusted datasets and productivity tools to streamline manual work and enhance output quality for professionals in investment banking, private equity, and management consulting.
The latest capital injection will be used to drive Grasp’s growth plans, expand its product and sales teams, and strengthen its international presence.
The company currently employs 25 people across Stockholm and London and serves nearly 200 customers in 30 countries, including several of the Big Four consulting firms. Grasp has reported a 3.5x increase in annual recurring revenue over the past year.
Grasp CEO and co-founder Richard Karlsson said, “At McKinsey, we spent over 90% of our time on manual work – reading reports, building excel models, creating presentations.
“Together with Simon, who brought critical AI expertise from Ericsson, we realised AI had the potential to completely transform this $1.4 trillion market of human-intensive finance work. Five years later, we’re proving this thesis. While AI initially boomed in text-centric fields like law, recent advances have finally enabled AI agents to tackle complex, multimodal tasks prevalent in finance. Now, with Octopus Ventures joining our journey, we’re excited to continue expanding our rapidly growing customer base.”
Octopus Ventures principal Rich Bolton said, “Grasp is at the forefront of vertical AI in finance, having built a multi-agent system that delivers the kind of high-quality output finance professionals rely on.
“Their strong traction – more than tripling annually and winning major global customers – demonstrates both the power of their technology and the urgency of the need. We’re thrilled to support a team with such deep domain expertise and a clear vision for transforming how financial work gets done.”
Source: https://fintech.global/
