Nomerra Raises $2 Million to Automate Private Market Back Office

Berlin-based Nomerra has raised $2 million in its first funding round, led by Swiss venture firm 14Peaks Capital, to push AI agents into the operational plumbing of private markets. The pre-seed also drew Redstone Fintech and senior individuals from firms including KKR and Intapp, money the company will spend on engineering hires and on pushing its platform deeper into asset servicers and asset managers across Europe and the United States.

The bet lands against a backdrop of compounding operational pressure. S&P Global’s recent forecast puts worldwide private market assets under management on track to pass $18 trillion by 2027, up from less than $11 trillion in 2022. The accountants, transfer agents and treasury teams who run those funds each day are spread thinner every quarter, and the software that supports them has not kept up.

A $2 Million Bet on the Back Office of Private Markets

In pre-seed terms the round stands out: coverage of the raise described it as one of the largest fintech pre-seed rounds of the year. The lead investor is Zurich-based 14Peaks Capital, which closed its inaugural $30 million fund in 2023 and has now deployed it across 23 companies spanning fintech infrastructure and adjacent software; the firm is currently writing checks from a second fund.

Nomerra’s two co-founders, Johannes Gebendorfer and Jakob Zacherl, were both first employees at bunch, a tech-enabled fund administrator that has since raised more than $50 million and closed a Series B. They helped scale bunch’s team past 100 people and watched the company expand across Europe before leaving to apply what they had learned to the wider market. The pair’s prior trajectory is the central investor story.

This work demands trust, context, and the ability to follow each firm’s own procedures. Generic AI tools can only go so far in an environment this complex; Nomerra was built from the ground up for the depth private markets require. Johannes and Jakob lived this problem before they set out to solve it, and that vertical focus is already proving to be a distribution edge.

Edoardo Ermotti, founding general partner of 14Peaks Capital, said as much in remarks accompanying the round announcement.

The Workloads That Are Outrunning the People

Private markets have grown faster than the systems behind them. Day-to-day operations still rely on emails, PDFs, spreadsheets and disconnected systems, with the same information manually re-entered across multiple applications, sometimes several times for a single transaction. The workload has multiplied the other way: new investor channels, more frequent reporting, evolving regulation, semi-liquid fund structures, evergreen vehicles and expansion into new asset classes.

The talent pipeline is moving in the wrong direction. Coverage of the round noted that the number of qualified accountants has decreased by a third over the past decade even as private market assets are set to triple over the next five years, a level of compression that the industry can no longer absorb by hiring more people.

Nomerra is starting its automation work in three of the most painful corners of the back office:

• Fund accounting, including daily reconciliation of contributions, distributions, valuations and NAV.
• Treasury, covering cash positioning, payments, custody moves and inter-fund transfers.
• Transfer agency, including investor onboarding, capital calls, distribution notices and registry updates.

Each of these sits inside an operations function that currently runs on manual handoffs between teams and applications, often with very little automated cross-checking between them.

Inside Nomerra’s AI-Native Approach

Nomerra’s platform connects to the systems firms already use: enterprise resource platforms, banking platforms, email and document storage. Its agents read incoming documents, extract the relevant data, cross-check it across multiple sources and execute the workflow against the firm’s own written operating procedures, then surface the output through a review interface that documents what was done, why each action was taken and where the underlying data originated.

Think of how telephone operators used to connect one caller to another by plugging cables into a switchboard. Today, the idea that humans once routed every phone call manually seems absurd. Private market operations are at the same turning point. In a few years, people will look back and wonder how any of this was ever done by hand.

Co-founder and CEO Johannes Gebendorfer, drawing the comparison in the announcement of the round, said Nomerra’s aim is to shift operations staff from preparing deliverables to reviewing them.

The platform is already running inside around a dozen design partner firms in Europe and the United States, every one of which manages more than $10 billion of assets. The size of those operators matters: they are exactly the firms where the manual backlog is most acute, and where a workflow that breaks or duplicates has the highest cost.

Why This Round Cuts Through the Noise

A handful of facts inside the round give it weight beyond its modest size:

• The $2 million raise was called out in coverage as one of the largest fintech pre-seed rounds of 2026.
• 14Peaks Capital closed its $30 million Fund I in 2023 and backed 23 companies with it; Fund II is now open.
• Bunch, the fund administrator the founders helped scale, has raised more than $50 million and closed a Series B.
• Nomerra is running with around a dozen design partner firms, each managing more than $10 billion of assets.

Each item tells a different piece of the story. The check size signals a deliberate commitment: a $2 million pre-seed from 14Peaks is a meaningful first check. Inside the cap table sit people who already ran the workflow Nomerra is now automating. The early commercial traction is with established firms, not startups testing whether AI works.

The Wider Race to Automate Private Markets

Nomerra is one of several players chasing the same operational bottleneck. The most visible peer this year is F2, which raised $24 million in total equity funding to build AI tooling for private credit underwriting and monitoring; its pitch is that a lender’s institutional knowledge should compound across every new deal rather than walk out the door when an analyst leaves.

Private markets are also being pulled deeper into the mainstream in ways that will compound Nomerra’s workload. Asset managers are launching semi-liquid structures for retail channels, regulators are tightening reporting cadence, and the asset class is on pace to draw a larger share of household savings over the next five years. Each new investor channel adds another pile of paperwork onto operations teams that are already running flat out.

The strategic logic behind Nomerra’s bet is straightforward. Whoever runs the workflow owns the data, and whoever owns the data owns the relationship with the asset manager. In the same way fund administrators became systemically important as private markets grew through the last cycle, automation platforms that sit above them are positioned to become the next layer of the stack that asset managers cannot replace.

14Peaks’ decision to write its check out of a freshly opened Fund II signals that the firm expects Nomerra to be one of those category-defining companies rather than a feature sold into someone else’s product.

Frequently Asked Questions

What does Nomerra do?

Nomerra builds AI agents that automate fund accounting, treasury and transfer agency work inside private market firms. The platform plugs into the ERPs, banking platforms, email systems and document stores an operations team already uses, runs the firm’s standard operating procedures end to end, and surfaces the output in a review interface with a full audit trail. The product itself is on Nomerra’s product page.

Who founded Nomerra?

Nomerra was founded by Johannes Gebendorfer and Jakob Zacherl in Berlin. Both were among the first employees at bunch, a German tech-enabled fund administrator that has since raised more than $50 million and closed a Series B round; Gebendorfer is the chief executive of Nomerra.

How much did Nomerra raise and who backed it?

Nomerra raised $2 million in its first funding round, a pre-seed deal announced on June 30, 2026. The round was led by 14Peaks Capital, with Redstone Fintech also participating and senior individuals from firms including KKR and Intapp. Redstone’s portfolio entry for Nomerra lists the firm as a 2026 fintech investment.

What is the paperwork crisis in private markets?

Coverage of the round describes a tightening gap between workload and headcount: assets under management are set to grow from less than $11 trillion in 2022 to more than $18 trillion by 2027, while the number of qualified accountants has fallen by a third over the past decade, even as new structures and reporting requirements add operational load.

What will Nomerra do with the new funding?

The company will expand its engineering team and accelerate product development to meet demand from asset servicers and asset managers across Europe and the United States. Nomerra’s product focus remains fund accounting, treasury and transfer agency.