Israeli-German startup Zeitgold has raised €27 million in Series B funding to expand its automated accounting platform across Europe. The round was led by Vintage Investment Partners and supported by existing investors Battery Ventures, HV Holtzbrinck Ventures, Saban Ventures, and btov Partners, as well as insurance company AXA Germany (AXA Innovation Campus) and Deutsche Bank.
With offices in Berlin and Tel Aviv, the company claims its SMB user base has grown by more than 300 percent since its most recent fundraising one year ago. Coming on as a new investor, Vintage was drawn by how the software can “radically simplify” the way small business owners and tax advisors work, according to general partner Asaf Horesh.
A user can 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. Tax advisors can also use Zeitgold, a tailor-made version of the software launched late last year.
Founded in 2015, the German-Israeli company has raised over €50 million to date, including a €10 million Series A round about six months after closing a €4.2 million seed back in 2017. The latest investment will go toward AI product development.