Time is Ltd., a productivity analytics firm for managers and teams, has today announced its around €4.6 million late seed funding round.
The round was led by Mike Chalfen, of London-based Chalfen Ventures, who specializes in early stage software investing, with participation from Illuminate Financial Management and existing investor Accel. Acequia Capital and former Seal Software chairman Paul Sallaberry also contributed to the new round of funding.
As many companies have turned to remote work in the past year, the flawed nature of many companies collaboration and communication processes has become apparent. It’s not uncommon to find employees overwhelmed with inefficient meetings, a wealth of notifications from various chat and video conferencing tools and a huge amount of emails.
To help solve this, Time is Ltd. is the drawing on insights and data from the collaboration ecosystem of Microsoft 365, Google Workspace, Zoom, Webex, MS Teams, Slack, and more. Through this data, the solution enables managers to understand complex collaboration data to help create a new approach to measuring productivity, engagement, and collaboration inside companies.
The startup’s data and insights now include more than 400 indicators that companies can choose from. Time is Ltd. also has a Time is Ltd. for Teams App to help managers set and manage their own team goals.
“The opportunity to analyze these kinds of collaboration and communication data in a privacy-compliant way alongside existing business metrics is the future of understanding the heartbeat of every company – I believe in 10 years time we will be looking at how we could have ignored insights from these platforms”, said Jan Rezab, CEO and Co-founder of Time is Ltd.
For a recent article, The Wall Street Journal turned to Time is Ltd. to assess the average response time for Slack users vs. email in an article, revealing the downside of over-communicating at work, which was 16.3 minutes, compared to emails which was 72 minutes.
Mike Chalfen, of London-based Chalfen Ventures, led this round. Chalfen’s enthusiasm for Time is Ltd.’s mission is based on the firm’s unique data solutions required amid a global transformation of work: “Measuring hybrid and distributed work patterns is critical for every business. Time Is Ltd.’s platform makes such measurement easily available and actionable for so many different types of organizations that I believe it could make work better for every business in the world. I have the rare opportunity of backing two serial entrepreneurs who have joined forces in a single team, now that Ulf Zetterberg has joined Jan Rezab to grow Time Is Ltd. Being the partner to an amazing team creating a potentially huge and meaningful market is what I am in venture capital to do, so I could not be more excited.”
“Alongside our traditional BI approaches using performance data, we use Time is Ltd. to help improve the way we collaborate in our teams and improve the way we work both internally and with our vendors – data that Time is Ltd. provides is a must-have for business leaders”, commented Tomas Cupr, Founder & Group CEO of Rohlik Group, the European leader of e-grocery.