Comparables.ai raises €5.2m, says more than 50,000 professionals in over 30 countries use its AI M&A platform
Pragmatech and Araya Ventures led the seed round, which the company will use to enter more markets and develop its AI engine. According to the company, its platform draws on data covering 370 million active companies.
Martti Asikainen | 8.10.2026 | Photo by Comparables.ai
Helsinki-based Comparables.ai has raised approximately €5.2 million in seed funding to expand its AI platform for finding and analysing companies involved in mergers and acquisitions (M&A). Seed funding is an early investment stage, usually before a company has reached large-scale revenue.
Pragmatech and Araya Ventures led the round. Purple Ventures, Gorilla Capital, hi5 Ventures, Somersault Ventures and other investors also took part. The company said the money would support multi-market rollouts and further development of its AI engine as enterprise customers expand their use across regions.
Mapping markets in minutes
Comparables.ai sells to corporate development teams, private equity firms, M&A advisors and investment banks. It combines data on more than 370 million active companies with an AI search engine. The data covers financials, ownership structures, valuations, past M&A transactions and verified contacts, according to the company.
Users describe the market they want, and the platform returns matching companies and the decision makers behind them. The company gave three examples. A corporate team could map targets in a niche before its first strategy meeting. A private equity firm could screen add-on candidates across a dozen markets at once. An advisor could build a buyer list without relying only on existing contacts.
“Mid-market M&A has always been a visibility problem,” said Martin Kangasniemi, a co-founder. He said deal teams are increasingly doing early market discovery themselves, which cuts the time and cost of finding opportunities before they hire outside advisors. The release offers no data to support that trend.
Dealmakers and a data scientist
Comparables.ai has four founders. Niko Nalli, Markus Vesala and Kangasniemi have backgrounds in M&A advisory and financial markets, according to the company.
The fourth, chief technology officer Muhammad Ammad-ud-din, holds a PhD from the Department of Computer Science at Aalto University and did postdoctoral research at the University of Helsinki.
His earlier research focused on machine-learning methods that combine several data sources in recommender systems. It was published in leading journals, including Nature Biotechnology. At Comparables.ai, he works on turning fragmented data from different countries into a single layer covering private companies.
What the investors say
General partner at Pragmatech Venture Capital, Artem Yaremchuk, said his firm’s conviction rested on three things. They were a customer base that includes Big Four firms, consistent evidence that the product helps in daily work, and the team’s M&A expertise.
He described the company’s approach as disrupting a market still dominated by legacy, filter-based tools. He said it could become “a category leader in M&A intelligence”.
Founder and managing partner of Araya Ventures, Rupa Popat, said her firm was backing operators who bring “full transparency, data and true market visibility” to dealmaking. Both investors have a financial stake in the company. Neither named the legacy tools or any customers beyond the Big Four.
From pre-seed to seed
Comparables.ai announced its first funding round in January 2022: a $700,000 (about €610,000) pre-seed backed by Sweden’s Nidoco AB and individual investors Peter Seligson, Kari Stadigh, Tomas von Rettig and Hannu Kytölä. Pre-seed money typically funds a first version of the product and early tests of the business model, usually before a company has meaningful revenue.
The company says the new round will fund multi-market rollouts and further development of its AI engine for enterprise customers. That suggests a shift from proving the product to selling it in more markets. The release points to one example: a Big Four advisory firm, which it did not name, is extending its use of the platform to more than ten countries.
What the numbers show
The press release does not disclose the company’s valuation, revenue or number of paying customers, which makes its financial position hard to judge. Its claims about the size and coverage of its dataset have not been independently verified, and its geographic figures vary. It now cites more than 30 countries, but its website lists users in more than 110, and in 2022 it already claimed more than 40.
The user numbers it has published tell a clearer story. Comparables.ai reported more than 15,000 users at the end of 2023, 20,000 in March 2024 and 30,000 in October 2024. It now cites more than 50,000, more than three times the figure of less than three years ago.
These are registrations rather than paying users, and the company does not say how many are active. Still, the steady rise suggests that the product has found an audience, and the new funding gives the company the means to turn that audience into paying enterprise customers.
