Nomerra wants to take the paperwork out of private markets. The startup builds AI tools for asset servicers and asset managers, the firms that handle the back office work behind private equity, venture capital, and other private funds. It was founded by Johannes Gebendorfer and Jakob Zacherl, two people who spent years inside that back office before deciding to rebuild it.
Private markets are growing fast, but the systems behind them have not kept up. Global private markets are still expected to grow at roughly 10% a year, approaching $25 trillion in assets under management by 2029, according to Franklin Templeton's 2026 Private Markets Insights report. That kind of growth means more funds, more investors, and more paperwork. Much of that paperwork is still done by hand, and firms are struggling to find enough qualified staff to keep up.
Nomerra has now raised $2 million in a pre-seed round, the earliest stage of startup funding. 14Peaks Capital led the round. Redstone Fintech also took part, along with individual investors connected to KKR and Intapp.
Gebendorfer and Zacherl were both early employees at bunch, a tech-enabled fund administrator. A fund administrator handles the accounting and record keeping for investment funds. Under their watch, the company grew to more than 100 people and expanded across Europe. That experience taught them something specific: AI could change how this kind of work gets done. It became the starting point for Nomerra.
Private markets have grown more complicated in recent years. There are more ways for investors to put money in, reporting now happens more often, regulation has tightened, and new fund structures have appeared. Each of these adds more work for the people running operations behind the scenes. At the same time, firms are finding it harder to hire the people needed to do this work manually. The company says that as private markets are expected to triple in size over the next five years, the number of qualified accountants has fallen by a third over the past decade.
The core problem, according to the founders, comes down to missing infrastructure. Public markets run on standardized data and systems that talk to each other. Private markets have none of that. The same piece of information often gets typed by hand into multiple spreadsheets and systems for a single transaction. Nomerra was built to close that gap. It gives firms a way to handle high-volume operational work, such as fund accounting, treasury, and transfer agency, without having to add more staff.
14Peaks Capital pointed to the founders' background as the main reason it backed the company.
"Generic AI tools can only go so far in an environment this complex," said Edoardo Ermotti, Founding General Partner of 14Peaks Capital. "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. We're thrilled to put our network and experience behind them, to keep building a product this specialized and to get it into the market at scale."
The new funding will go toward growing Nomerra's engineering team. The company says demand for AI tools is rising among enterprise asset servicers and managers in both Europe and the United States, and it wants to be ready for it.
The product itself connects to systems firms already use, including ERPs, banking platforms, email, and document storage. ERP stands for enterprise resource planning, a type of software companies use to manage their day to day operations. Nomerra pulls information from all these sources into one place, so its AI agents can see roughly what a human employee handling the same task would see.
From there, the agents follow each firm's existing procedures. They read documents, pull out the relevant data, check it against other sources, and produce the kind of output a trained employee would normally deliver. Firms can hand off tasks to these agents through tools they already use, or they can set up agents that run continuously in the background. The goal, the company says, is to shift people away from preparing routine paperwork and toward simply reviewing it.
"Think of how telephone operators used to connect one caller to another by plugging cables into a switchboard," said Johannes Gebendorfer, Co-Founder and CEO of Nomerra. "Today, the fact that humans once routed every phone call manually is hard to imagine. 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."
Nomerra describes its product as an AI coworker for private market operations. Every task the system completes is shown in a review interface, along with a record of what was done, why it was done, and where the data came from. That way, staff can check the work before anything is finalized. Over time, the company expects that review step to become lighter too, with teams eventually overseeing groups of Nomerra agents that complete entire pieces of work largely on their own.
The company is led by Co-Founder and CEO Johannes Gebendorfer and Co-Founder and Chief Product and Technology Officer Jakob Zacherl. Both have said their time inside a fund administrator shaped how they built the product. They had seen skilled staff spend their days on manual tasks instead of the kind of judgment calls that actually needed their experience. Nomerra is aimed at two groups: asset servicers that want to take on more clients without growing their headcount at the same pace, and asset managers launching new products who need extra operational capacity to support them. The company is based in Berlin, Germany. It says its systems are ISO 27001 certified, a recognized standard for information security, and built under GDPR, the European Union's data privacy law. Firms also have the option to keep their data within their own cloud environment.
This $2 million pre-seed round is Nomerra's first disclosed round of funding. 14Peaks Capital, a venture firm focused on fintech, led the round. Redstone Fintech also participated, along with individual investors connected to KKR and Intapp.
The involvement of people from KKR, one of the larger investors in private markets, and Intapp, which builds software for professional and financial services firms, points to interest from within the industry itself, not just from traditional venture capital.
