Today Berlin-based fintech startup Zeitgold, which is helping small businesses to automate their accounting, has announced closing a €27 million Series B round, led by new investor Vintage Investment Partners.
Zeitgold, founded in 2015, aims to help small business owners significantly reduce the amount of work required to prepare their books, and therefore devote more resources to their core business.
So how does it work? 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.
This new round was led by Vintage Investment Partners, and existing investors also took part, including Battery Ventures, HV Holtzbrinck Ventures, Saban Ventures, and btov Partners. In addition, insurance company AXA Germany (AXA Innovation Campus) and Deutsche Bank also participated. Thanks to this round, the total funds raised by this German-Israeli startup (which has offices in both Berlin and Tel Aviv) is now more than €50 million.
The startup plans to invest the new capital in developing its proprietary AI-powered software and ultimately become the leading accounting automation platform in Europe. Today, more than 80% of all booking scenarios are already automated by the artificial intelligence of the Zeitgold software, which consistently surpasses human industry standards for accuracy.
Stefan Jeschonnek, co-founder and CEO of Zeitgold, said, “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.”
Asaf Horesh, General Partner at Vintage Investment Partners, added, “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.”
Since its 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%, 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.