Zeitgold raises €27 million in Series B funding round

5. May 2020

Berlin/Tel Aviv — Zeit­gold, the intel­li­gent soft­ware plat­form for small busi­ness accoun­ting auto­ma­tion, raised €27 million in Series B funding. The round was led by new inves­tor Vintage Invest­ment Part­ners, a leading global venture firm. Exis­ting inves­tors Battery­Ven­tures, 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. The new round brings the total fund­rai­sing of the German-Israeli tech company (with offices in Berlin and Tel Aviv) to more than €50 million. Photo Zeit­gold: Foun­ders Stefan Jeschon­nek, Kobi Eldar, Dr. Jan Deepen.

Zeit­gold will invest the new capi­tal to further deve­lop its proprie­tary AI-powered soft­ware and conti­nue the strong growth of the busi­ness to 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.

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 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.”

About Zeit­gold
Zeit­gold is an intel­li­gent soft­ware plat­form for small busi­ness accoun­ting auto­ma­tion. Using Zeitgold’s AI-powered web and smart­phone apps, busi­ness owners prepare their book­kee­ping digi­tally and highly auto­ma­ted in a frac­tion of the time. Tax advi­sors receive fully digi­ti­zed docu­ments and accu­rate booking sugges­ti­ons for more than 80 percent of their clients’ tran­sac­tions, allo­wing them to fina­lize the books more effi­ci­ently. In addi­tion, tax advi­sors and their clients can colla­bo­rate digi­tally and effi­ci­ently using the Zeit­gold plat­form. Zeit­gold was foun­ded in 2015 by Stefan Jeschon­nek (MBA, Stan­ford), Jan Deepen (PhD, WHU) and Kobi Eldar (8200). Jeschon­nek and Deepen previously co-foun­­ded fintech company SumUp. Eldar previously led a cyber­se­cu­rity unit in the Israeli Defense Forces and had leading roles in seve­ral Israeli tech compa­nies. Zeit­gold curr­ently employs 120 team members in Berlin and Tel Aviv.

About Vintage Invest­ment Partners
Vintage Invest­ment Part­ners is a global venture firm combi­ning fund-of-funds, secon­dary funds and co-invest, direct funds. With appro­xi­m­ately $2 billion under manage­ment across theUS, Europe and Israel, Vintage is inves­ted in seve­ral of the world’s leading venture funds with expo­sure to appro­xi­m­ately two thousand tech­no­logy compa­nies. Vintage uses its unmat­ched network to connect start­ups across the world to hundreds of corpo­ra­ti­ons seeking support in their digi­tal jour­neys, helping drive the ecosys­tem to maxi­mize its poten­tial. The Vintage part­ners are Alan Feld, Abe Finkel­stein, Amit Fren­kel, Asaf Horesh and Orly Glick along with 30 team members.

Subscribe newsletter

Here you can read about the latest transactions, IPOs, private equity deals and venture capital investments, who has raised a new fund, how Buy & Build activities are going.

Get in touch

Contact us!
fyb [at]