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.

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.