Mika's €6m Seed Put 79.7% of New Shares in New Hands

mika's €6 million seed round brought a much broader shareholder group into the Berlin accounting software company than the public announcement alone suggests. The latest German shareholder list records 16,672 newly created €1 shares. Holders absent from the prior list received 13,293 of them, or 79.7% of the issuance block.

That matters because the new shares did more than add a lead investor. Smedvig Ventures 2 LP appears at 14.16% and Wecken & Cie. at 5.16%. At the same time, Digital Fatal Ventures, a founder-linked vehicle whose share count stayed at 17,320, falls from 45.13% to 31.46% as the denominator expands. The documents show a widened capital coalition and relative dilution of the largest pre-round vehicle. They do not disclose a valuation, each investor's cheque, or beneficial ownership.

The public round and the filed capital increase tell different parts of the story

mika's announcement on 23 September 2026 says the company raised €6 million in seed financing led by Smedvig Ventures. It names Wecken & Cie., existing investors Keen Venture Partners and Dutch Founders Fund, and several angel investors. The release says more than 750 companies use mika and that annualized revenue passed €1 million in July.

Independent coverage by Fintech Global repeats the round amount, lead investor and participating group. The company positions the capital as funding for growth and continued development of an AI-native alternative to the traditional tax firm for German small companies.

The filed record answers a different question: how the legal share count changed. A shareholder list recorded on 21 November 2025 showed 38,382 €1 shares. A second list recorded on 16 September 2026 shows 55,054 shares and marks the new blocks as created through a capital increase. The newer list says its changes correspond to a notarial deed dated 14 August 2026 and become effective upon registration of the capital increase. This article therefore treats the percentages as filed positions and does not turn them into a claim that every commercial step had settled on the announcement date.

Nearly four out of five new shares went to new holders

The arithmetic is straightforward but economically important. The 2026 list adds 16,672 shares to the 38,382-share baseline. Of those new shares, 13,293 go to names that do not appear on the 2025 list. Existing holders receive the remaining 3,379 shares.

The new-holder block includes Smedvig's 7,795 shares and Wecken & Cie's 2,843 shares, as well as smaller positions for ABX Ventures, Earlybird Vision Lab, Kalimango, GCI Ground Capital, Duo Fratres, Surus and named individuals. The list does not identify each person's investment cheque. Its value is narrower and more durable: it shows which legal holders were recorded for which nominal share blocks.

The increase from 38,382 to 55,054 shares is 43.44%. That is not a 43.44% valuation increase. It is the change in the nominal share count used to calculate the listed percentages.

Digital Fatal's percentage fell without a filed transfer

The most revealing comparison is Digital Fatal Ventures UG. Its 17,320 shares appear in both lists. In 2025, those shares represented 45.1253% of the company. In 2026, the same number represents 31.46% because the total share count is larger.

The public release identifies Agnieszka Walorska as mika's founder and CEO, while the exact register profile identifies her as a managing director. For that reason, this article describes Digital Fatal as a founder-linked vehicle. It does not claim that Walorska personally owns the vehicle or that the vehicle is a beneficial-ownership proxy.

The table shows why a press-release list of investors is not enough to understand the financing. Dutchfounders increases its absolute holding but loses percentage weight. Keen receives more shares and gains percentage weight. Digital Fatal does not sell shares in the records used here, yet its relative position falls sharply. The economic mechanism is issuance-led dilution, not a disclosed founder exit.

The round broadened the coalition around mika

For mika, the commercial consequence is a refreshed shareholder map around an operating business that says it has crossed €1 million in annualized revenue. Smedvig brings a new 14.16% position into the filed list. Wecken adds a 5.16% block. Existing investors remain involved, but most of the new issuance goes to holders who were not on the 2025 list.

That is a different signal from a simple top-up by the existing syndicate. The company has put more legal holders around the cap table while reducing the relative weight of its largest pre-round vehicle. In a later financing, a buyer's diligence team would need to model that broader group, confirm each holder's rights, and determine whether the nominal percentages are modified by a shareholder agreement or preferred terms.

The comparison also illustrates why nominal ownership and economic control cannot be collapsed into one number. The two shareholder lists show €1 shares and percentages. They do not disclose liquidation preferences, veto rights, weighted voting, board appointments, option treatment, or the price paid for any block. The €6m announcement provides the round's commercial framing, not those legal terms.

Open Cosmos' preferred-financing analysis shows why a headline amount cannot substitute for reading security terms. Hackuity's ratchet structure shows the same principle from a dilution perspective. Ryft's Series B filing adds a further distinction: primary financing and liquidity for existing holders can sit beside one another in the same transaction package. mika's records point to a broad primary issuance, but they do not by themselves show secondary liquidity.

What the records still do not answer

The latest list is strong evidence for the share-count reset and the identity of the listed holders. It is not evidence of a disclosed valuation or of each investor's cash contribution. The notarial certification says the changes become effective upon registration, so a later confirmation or updated list could still matter for completion status.

The next decision-changing documents are the 14 August notarial deed, a post-registration shareholder list, and any transaction document that states preference, voting, or subscription terms. Those records could explain how the €6m announcement maps to the €1 nominal shares and whether any rights make the simple percentage comparison economically incomplete.

For now, the defensible conclusion is specific. mika's €6m seed coincided with a 43.44% increase in the filed share count. New holders received 79.7% of the newly created shares. Smedvig entered the list at 14.16%, Wecken at 5.16%, and the founder-linked Digital Fatal vehicle's relative weight fell from 45.13% to 31.46% without a shown transfer. That is a broad ownership reset around a financing, not a disclosed valuation, control transfer, or beneficial-ownership finding.