Zeitgold provides a software platform that automates bookkeeping workflows for small businesses, ingesting invoices, receipts and bills via physical pickup or a mobile app. The platform uses optical character recognition to make documents searchable and attempts to automatically match digitized receipts with bank-account movements. Users can add information when the service cannot reconcile items, and the product flags unpaid invoices and assists with supplier payments. Zeitgold also lets customers export data to accountants and offers an interface for tax advisors to request missing documents. The company reports that about 80% of booking scenarios are already handled automatically and it aims to automate additional tasks. Financially, Zeitgold has raised a Series B and has raised more than $54 million in total funding. Zeitgold offers an app that combines human expertise with artificial intelligence to allow small companies—cafes, restaurants, small retailers and craft businesses (typically 3 to 20 employees)—to manage preparatory accounting and other administrative tasks. The platform covers a digital, real-time and compliant cash journal, tools to automate preparatory bookkeeping, a document archive, payments tools to manage open invoices, and personnel master data and payroll features. The company is led by Stefan Jeschonnek and was founded in 2015. Zeitgold intends to broaden its user base through commercial partnerships with AXA and Deutsche Bank. The company raised €10m to support these growth efforts. The article does not provide operating metrics such as revenue or user counts. Zeitgold develops artificial-intelligence-driven financial management tools designed for small businesses, including forecasting liquidity shortages and identifying cost-saving or revenue opportunities. The company emphasizes returning time to small-business owners through AI-supported core business decisions, according to cofounder Stefan Jeschonnek. Zeitgold plans to use its new funding to open an R&D facility in Tel Aviv and to test and pilot new products with customers. The startup recently completed a Series A round of €10 million. This follows a €4.2 million seed round in February from the same investors, Battery Ventures and Holtzbrinck Ventures. Zeitgold is based in Berlin. Zeitgold is a Berlin-based developer of an AI-powered financial management platform for small businesses. The platform processes documents, archives them, handles bookkeeping, payroll, invoice payment and collections, and forwards data to a business’s tax advisor for year-end closing. Its core is an AI engine that generates a digital representation of a business’s financial activity from untagged paper documents using self-learning text analytics and classification. The AI operates as a human-machine hybrid in which a team of accounting experts trains the algorithms. In October 2017 the company raised €4.2M in seed funding backed by Battery Ventures and Holtzbrinck Ventures. Zeitgold intends to use the funds to further develop its technology and make the product accessible to a wider group of customers in Germany and beyond.

Total raised

$57M

Funding rounds

4

Latest round

Series B

Latest activity

May 2020