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In the late 1960s, Wall Street’s back offices were so buried in manual processing that the New York Stock Exchange shut down every Wednesday just to catch up. It became known as the Paperwork Crisis. Private markets are approaching their own, and Berlin-based Nomerra has raised $2 million to help prevent it.
Berlin, Germany – June 30, 2026: Private markets are on track to triple from $13 trillion to over $30 trillion in the next few years, but the operational work underneath has not kept up. It still runs through emails, PDFs, spreadsheets, and disconnected systems, while the industry is running out of people who can hold it all together. Nomerra has raised $2 million to make private market operations AI-native for the asset servicers and asset managers behind the world’s fastest-growing capital market.
Nomerra has secured $2 million in its first round of funding, making it one of the largest FinTech pre-seed rounds this year. The round was led by 14Peaks Capital, with participation from Redstone Fintech and senior individuals from firms including KKR and Intapp.
The company was founded by Johannes Gebendorfer and Jakob Zacherl, who were both first employees at bunch, a tech-enabled fund administrator that recently announced its Series B and has raised more than $50 million. They helped scale the team to more than 100 people and expand across Europe. Both saw firsthand how AI transforms private market operations and founded Nomerra to bring that shift to the industry at large.
In their previous roles, the founders realized that everything that makes public markets efficient simply does not exist for private markets: there is no standardization, no interconnectedness, no efficient record-keeping. The same data gets manually retyped between isolated systems and spreadsheets, often multiple times for a single transaction. Meanwhile, private markets have become much more complex to operate in recent years: new investor channels, more frequent reporting, tighter regulation, semi-liquid structures, evergreens and expansion into novel asset classes all add more operational load. The industry’s default response has been to hire more people, but the right people are getting harder to find. As private markets triple in size over the next five years, the number of qualified accountants has decreased by a third over the last decade.
Nomerra tackles this by making private market operations AI-native, starting with the scattered, high-volume work enterprise asset servicers and managers still run by hand: fund accounting, treasury and transfer agency. It is the work that runs in the background, but holds the entire industry together.
Nomerra connects to the systems firms are already using, including ERPs, banking platforms, email and document storage. It pulls information into a single context layer so agents can see everything a human operator would see. From there, Nomerra agents follow the firm’s own operating procedures: reading documents, extracting the right data, cross-checking it across sources, and delivering outcomes the same way a trained team member would. Users hand off work to Nomerra agents through tools they’re already in or by setting up continuously running background agents.
“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 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.”
The goal is to shift people from preparing deliverables to reviewing them. Nomerra agents handle the end-to-end execution and present the output in purpose-built review interfaces with a full audit trail: what was done, why, and where the data came from. Over time, even the review layer becomes supervisory, and teams orchestrate fleets of Nomerra agents that ship entire deliverables on their own.
“This work demands trust, context, and the ability to follow each firm’s own procedures,“ said Edoardo Ermotti, Founding General Partner of 14Peaks Capital. “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. 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.”
More capital than ever is expected to flow into private markets, and every manager and servicer needs to be ready to capture their share. Nomerra gives them the bandwidth to do it, letting firms scale without being bottlenecked by operations. The company will use the funding to grow its engineering team and meet surging demand for AI solutions across enterprise asset servicers and managers in Europe and the United States.
About Nomerra
Nomerra makes private market operations AI-native. Nomerra’s AI agents navigate existing systems, reason across documents, and execute work end-to-end against standard operating procedures. Nomerra serves leading asset servicers and managers across mission-critical functions including fund accounting, treasury and transfer agency. For more information, visit nomerra.com
About 14Peaks Capital
14Peaks Capital is an early-stage venture capital firm backing fintech and technology founders across Europe and the United States. The firm has fully deployed its inaugural Fund I (2023 vintage, $30M) across 23 companies – spanning fintech infrastructure to cross-sector applications – and is now investing out of Fund II. 14Peaks’ edge rests on two pillars: deep sector expertise and direct access to financial institutions and decision-makers.
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Image source: nomerra.com
