The Norwegian startup, which was bootstrapped up until this point, will also be joining the 500 Nordics Distro Dojo accelerator in Stockholm later this month.
Timely’s app for desktop, iOS, and Apple Watch is used by 750 paying customers in 40 countries, according to the startup, that integrates with other apps for managing businesses.
“Time is the currency that decides what most people are paid, but the way we track employees’ work shifts has been stuck in the past until now,” said Mathias Mikkelsen, CEO of Timely.
“It’s not in human nature to go around remembering everything you’ve done. We think there is a better way and have some big plans brewing for how to expand the product in a really magical way. This funding will allow us to hire the people we need to build that out,” he said.
“There is a lot of money to be saved and we can clearly see that Timely is solving this challenge in a unique, positive way," said Magne Uppman, Managing Partner SNÖ Ventures.
“They haven’t spent a dime on sales or marketing so far, but let their product speak for itself," he said. The new funds will contribute towards the app’s next phase of development.
“I was very impressed with their ability to not only build a solid product but also grow a substantial user base and revenue. All of this being done while bootstraping the business,” added Sean Percival, partner at 500 Startups. "This is our largest investment in a Norwegian company thus far and we are very optimistic about this team and their future potential.”
(Full disclosure: 500 Startups is also an investor in Tech.eu)