Ex-Lunar founders raise €8.2M for AI startup taking on the Big Four in Europe’s $74B audit market

Three former Lunar executives — Ken Villum Klausen, Peter Andreasen and Joachim Strøjer Hansen — have raised €8.2 million to launch Repodo, an audit firm built around AI from day one. Hedosophia and Seed Capital led the pre-seed round, which is unusually large by European standards and was raised to get the company off the ground in Copenhagen.

Repodo is aiming straight at Europe’s audit business, which is expected to be worth $74.32 billion in 2026 and $99.73 billion by 2031. The Big Four — Deloitte, EY, KPMG and PwC — still control 97% of that market, and about 72% of the revenue comes from external audits. That’s the opening Repodo thinks it can force.

The company’s pitch is not “AI for audit” in the usual sense. It plans to automate data collection, reconciliations, documentation and transaction analysis, while licensed auditors keep responsibility for judgment and final approval. Anders Houmann, an auditor and co-founder, gives Repodo the licence needed to approve statutory accounts, which matters because this is not just software sitting on the side of a regulated process. The company itself becomes part of that regulated world.

That distinction is the whole bet. Klausen says audit still depends too heavily on manual work and that AI can redesign the model without removing auditors from it. Repodo also wants to sell software to other firms and expand beyond Denmark into Europe, but the real test is whether clients and regulators will trust an AI-first audit firm with statutory sign-off.

It is not alone. Cortea in Berlin raised €12 million in June for AI agents that review audit reports at the final stage, and Belgium’s Auditstage has raised €750,000 for an earlier version of the same broad idea. But Repodo is trying to do more than bolt AI onto the old machine, and that is exactly why the idea feels both more ambitious and more dangerous.