Zeitgold, the German startup with the goal to free small businesses from paperwork, today announced the closing of a €4.2 million funding round. The seed funding was provided by Holtzbrinck Ventures and the US-based investor Battery Ventures.
The Berlin-based FinTech startup was founded in 2015. The Co-founders Stefan Jeschonnek and Jan Deepen previously co-founded the fintech startup SumUp. At Zeitgold, they teamed up with Kobi Eldar, who led a cybersecurity unit in the Israeli Defense Forces and had leading roles in several Israeli tech companies. The young company already employs a team of 20 people.
By combining experts and artificial intelligence, the startup offers an end-to-end solution for managing the financials of cafés, restaurants, small retailers, and craftsmen. Zeitgold empowers the owners to get bookkeeping, payroll, invoice payment, collections and coordination with the tax advisor done in less than 10 minutes per day on their smartphones, saving around 10 hours per week.
How it works: First you’ll receive a Zeitgold box, into which you can place all of your accounting paperwork. Once a week Zeitgold will pick up the box from your business location and then scans and archives all your paperwork in a safe and secure way. Afterwards, your personal Zeitgold expert basically handles all the work for you. Zeitgold automatically creates a to-do list for you in the app, which helps you manage invoices and authorize them with one simple click. You have full access to all your documents, bills and outstanding outgoing invoices. And last but not least, a designated tax advisor will supply you with your advance tax return, annual financial reports and business assessment. He will coordinate everything directly with Zeitgold.