Germany-based Zeitgold raises €27 million to automate bookkeeping

Berlin-based tech startup Zeitgold, has announced it has raised €27 million in Series B funding as it seeks to grow its footprint in small business accounting automation business.

This new funding brings to over €50 million the amount of financing raised by the tech startup that also has offices in Tel Aviv Israel. Zeitgold now intends to inject the new capital to develop its AI-powered software and continue the strong growth of the business to ultimately become the leading accounting automation platform in Europe.

Currently, over 80 per cent of all booking scenarios are already automated by the artificial intelligence of the Zeitgold software, which consistently surpasses human industry standards for accuracy. Using Zeitgold, business owners can significantly reduce the amount of work required to prepare their books and can therefore devote more resources to their core business.

 Business owners simply scan receipts and invoices using the Zeitgold app and the software automatically matches these documents with bank account transactions. All documents and data is then automatically transferred to their tax advisor.

The tax advisor also uses the Zeitgold software to automate the majority of standard bookings and increase effective communication thanks to paperless processes. As a result, tax advisors and their staff can focus on complex transactions and comprehensive consulting for their clients. Since the previous funding round in early 2019, Zeitgold has grown its business massively on both sides of the platform.

Zeitgold’s SMB user base has grown by more than 300 percent, and with the launch of its tax advisor software in late 2019 Zeitgold has successfully responded to the rising demand from tax advisors seeking seamless bookkeeping automation.

Stefan Jeschonnek, co-founder and CEO, Zeitgold: “We are thrilled to welcome Vintage as a new lead investor in Zeitgold. I’m proud of how much our technology already simplifies the collaboration between small business owners and tax advisors, allowing both parties to focus on what matters most to their business. Together with Vintage and our existing investors, we are now better positioned than ever to establish Zeitgold as the standard for bookkeeping automation in Europe.”

The new financing round was led by new investor Vintage Investment Partners, a leading global venture firm. Existing investors Battery Ventures, HV Holtzbrinck Ventures, Saban Ventures, and btov Partners, as well as insurance company AXA Germany (AXA Innovation Campus) and Deutsche Bank, also participated in the investment round.

Asaf Horesh, General Partner, Vintage Investment Partners: “Zeitgold’s cutting-edge technology will radically simplify the way millions of small business owners and tax advisors work. We are delighted to support Stefan, Jan, Kobi and their world-class team as they continue to develop their innovative technology and to rapidly grow their business.”

www.zeitgold.com