About Zeitgold

About Zeitgold

Our Vision: Make it intuitive to successfully run a small business

Our Mission: Empower people to do what they love

Our Vision: Make it intuitive to successfully run a small business

Our Mission: Empower people to do what they love

Our Vision: Make it intuitive to successfully run a small business

Our Mission: Empower people to do what they love

The Zeitgold Story

An idea is born

The Story of Zeitgold starts way back. Before even envisioning Zeitgold, Stefan Jeschonnek and Jan Deepen co-founded SumUp, a payment solution used by more than one million small business owners in over 30 markets. 

While at SumUp, the founders fell in love with serving small business owners. So, after leaving SumUp they were determined to empower small businesses to be more successful. How? By offering them a solution to their biggest pain. They just had to find out what that was. 

In order to do so and experience struggles of small business owners first hand, they did a 1-month internship at a restaurant in Berlin. Quickly they understood the daily challenges owners face in dealing with their administrative work. Paying their bills, doing their payroll, sorting their paperwork for the tax advisor – it all is very time-consuming and stressful. 

They thought: There must be a better way to manage all the paperwork. An idea gets born – to create a digital solution that makes it intuitive and easy for owners to run their business. Jeschonnek and Deepen started looking for a third ally and shortly after met Kobi Eldar, a development specialist who used to lead an Israeli cyber security unit. 

The three of them united and, in 2015, founded Zeitgold. 

The Story of Zeitgold starts way back. Before even envisioning Zeitgold, Stefan Jeschonnek and Jan Deepen co-founded SumUp, a payment solution used by more than one million small business owners in over 30 markets. 

While at SumUp the founders fell in love with serving small business owners. So, after leaving SumUp they were determined to empower small businesses to be more successful. How? By offering them a solution to their biggest pain. They just had to find out what that was. 

The Story of Zeitgold starts way back. Before even envisioning Zeitgold, Stefan Jeschonnek and Jan Deepen co-founded SumUp, a payment solution used by more than one million small business owners in over 30 markets. 

While at SumUp the founders fell in love with serving small business owners. So, after leaving SumUp they were determined to empower small businesses to be more successful. How? By offering them a solution to their biggest pain. They just had to find out what that was. 

In order to do so and experience struggles of small business owners first hand, they did a 1-month internship at a restaurant in Berlin. Quickly they understood the daily challenges owners face in dealing with their administrative work. Paying their bills, doing their payroll, sorting their paperwork for the tax advisor – it all is very time-consuming and stressful. 

They thought: There must be a better way to manage all the paperwork. An idea gets born – to create a digital solution that makes it intuitive and easy for owners to run their business. Jeschonnek and Deepen started looking for a third ally and shortly after met Kobi Eldar, a development specialist who used to lead an Israeli cyber security unit. 

The three of them united and, in 2015, founded Zeitgold. 

The success journey begins

The goal was clear: freeing small businesses from paperwork and digitizing their bookkeeping. In addition to their Berlin base, the German-Israeli founder team sets up an expert group in Tel Aviv – one of the leading tech- and start-up hubs worldwide. 

The developers start building a self-learning text analysis software which would extract and structure data from all relevant business documents. All the owner would have to do was to put all his documents in a physical box. 

After scanning the documents, an AI-based software then would analyze them and automate manual repetitive processes such as sorting, archiving and linking documents with transactions. The owner would find everything in the Zeitgold App.

The goal was clear: freeing small businesses from paperwork and digitizing their bookkeeping. In addition to their Berlin base, the German-Israeli founder team sets up an expert group in Tel Aviv – one of the leading tech- and start-up hubs worldwide. 

The developers start building a self-learning text analysis software which would extract and structure data from all relevant business documents. All the owner would have to do was to put all his documents in a physical box. 

After scanning the documents, an AI-based software then would analyze them and automate manual repetitive processes such as sorting, archiving and linking documents with transactions. The owner would find everything in the Zeitgold App.

App Launch one year after founding

After a thorough trial phase, the first app version was launched in 2016 and the first hundred customers were quickly won. Gradually, the range of features has been expanded. A digital cash journal was added. Then payroll was launched. Meanwhile, customers can even pay all their bills directly from the app. 

In February 2017, Zeitgold took off and received 4,2 million Euros in a first investment round from the German VC fund Holtzbrinck Ventures as well as the reputable US financier Battery Ventures. The founders used the money to further develop their software and continue to build the meanwhile 20-strong team.

The same year in June, Zeitgold opened an office in Tel Aviv to fully utilize networks and connections in the tech hubspot Israel. Since then, the research and development team led by Israeli Kobi Eldar has been constantly adding leading development talents.

 

After a thorough trial phase, the first app version was launched in 2016 and the first hundred customers were quickly won. Gradually, the range of features has been expanded. A digital cash journal was added. Then payroll was launched. Meanwhile, customers can even pay all their bills directly from the app. 

In February 2017, Zeitgold took off and received 4,2 million Euros in a first investment round from the German VC fund Holtzbrinck Ventures as well as the reputable US financier Battery Ventures. The founders used the money to further develop their software and continue to build the meanwhile 20-strong team.

The same year in June, Zeitgold opened an office in Tel Aviv to fully utilize networks and connections in the tech hubspot Israel. Since then, the research and development team led by Israeli Kobi Eldar has been constantly adding leading development talents.

zeitgold illustrations_Монтажная область 1 копия 4 copy_Монтажная область 1 копия 4 copy

Zeitgold wins a circle of investors

The circle of supporters quickly got bigger. In September 2017, the investors around Battery Ventures and Holtzbrinck Ventures invest another 10 million Euros in a Series A. With the funds Zeitgold focuses on the development of their automation technology. 

Despite growth not being the main goal at the time, the start-up has managed to build a strong team of meanwhile 50 people. The researchers and developers in Tel Aviv moved to a bigger office in February 2018. Soon after, the team in Berlin finds a new home: The doors to the new Zeitgold campus in pulsating Berlin-Mitte opened in the spring of 2019.



The circle of supporters quickly got bigger. In September 2017, the investors around Battery Ventures and Holtzbrinck Ventures invest another 10 million Euros in a Series A. With the funds Zeitgold focuses on the development of their automation technology. 

zeitgold illustrations_Монтажная область 1 копия 4 copy_Монтажная область 1 копия 4 copy

Despite growth not being the main goal at the time, the start-up has managed to build a strong team of meanwhile 50 people. The researchers and developers in Tel Aviv moved to a bigger office in February 2018. Soon after, the team in Berlin finds a new home: The doors to the new Zeitgold campus in pulsating Berlin-Mitte opened in the spring of 2019.

Better Results than Human Standards

In November 2018, Zeitgold’s AI consistently surpassed human accuracy in the bookkeeping process, for the first time. This marks a breakthrough which draws further investments: Battery Ventures and Holtzbrinck Ventures invest again. In addition, the insurance group AXA, VC funds btov Partners, Deutsche Bank and the Israeli tech investor Saban Ventures support the company in a 10 million Euro financing round. 

The investment lifts the total financing up to 24.2 million Euros. Also, Zeitgold initiates commercial partnerships with AXA and Deutsche Bank in order to make the company accessible to a broader customer group. 

Today, Zeitgold counts hundreds of customers, winning more every day. The growing teams in Tel Aviv and Berlin build a strong unit, maintaining a highly-productive cooperation with a powerful team spirit.  They all enthusiastically dedicate their work to the one big goal, that Jeschonnek, Deepen and Eldar caused to build Zeitgold: to make it intuitive for small business owners successfully run their business.

And it’s all just the beginning.

In November 2018, Zeitgold’s AI consistently surpassed human accuracy in the bookkeeping process, for the first time. This marks a breakthrough which draws further investments: Battery Ventures and Holtzbrinck Ventures invest again. In addition, the insurance group AXA, VC funds btov Partners, Deutsche Bank and the Israeli tech investor Saban Ventures support the company in a 10 million Euro financing round. 

The investment lifts the total financing up to 24.2 million Euros. Also, Zeitgold initiates commercial partnerships with AXA and Deutsche Bank in order to make the company accessible to a broader customer group. 

Today, Zeitgold counts hundreds of customers, winning more every day. The growing teams in Tel Aviv and Berlin build a strong unit, maintaining a highly-productive cooperation with a powerful team spirit.  They all enthusiastically dedicate their work to the one big goal, that Jeschonnek, Deepen and Eldar caused to build Zeitgold: to make it intuitive for small business owners successfully run their business.

And it’s all just the beginning.

Major Milestones

2015

Zeitgold is founded

Stefan Jeschonek and Jan Deepen share a vision: to make it intuitive to successfully run a small business. Together with Kobi Eldar, they found Zeitgold.

2017

February. First seed funding of €4.2 million

Holtzbrinck Ventures and US funders Battery Ventures are investing 4.2 million Euros. Zeitgold uses the funds to develop the initial software and to build the meanwhile 20-strong team.

June. Zeitgold opens an office in Tel Aviv

Zeitgold is setting up an R&D team in Tel Aviv, one of the world’s leading high-tech and start-up hubs.

September. Another €10 million for Zeitgold

Battery Ventures and VC Holtzbrinck invest another 10 million Euros in a series-A. Zeitgold now employs 50 people.

2018

February. New office in Tel Aviv

Continuously growing, the team in Tel Aviv is moving from the B & P Spaces in Hasmonaim Street to a spacious office on Ha’arbaa Street.

November. Technological breakthrough

For the first time, Zeitgold’s proprietary AI technology consistently surpassed human accuracy in the bookkeeping process, for the first time.

2019

January. Another 10 million € investment

Zeitgold collects 10 million euros from Battery Ventures, HV Holtzbrinck Ventures, Deutsche Bank, AXA and Saban Ventures.

The total funding amounts to 24.2 million Euros.


Partnerships with AXA & Deutsche Bank

Zeitgold forms commercial partnerships with AXA and Deutsche Bank to to serve more small businesses faster.


March. New office in Berlin

The 130-strong team in Berlin moved into the spacious Zeitgold Campus in the Hamburger Höfen.

2015

February. First seed funding of €4.2 million

Holtzbrinck Ventures and US funders Battery Ventures are investing 4.2 million Euros. Zeitgold uses the funds to develop the initial software and to build the meanwhile 20-strong team.

June. Zeitgold opens office in Tel Aviv

Zeitgold is setting up an R&D team in Tel Aviv, one of the world’s leading high-tech and start-up hubs.

September. Another €10 million for Zeitgold

Battery Ventures and VC Holtzbrinck invest another 10 million Euros in a series-A. Zeitgold now employs 50 people.

2018

January. Another 10 million € investment

Zeitgold collects 10 million euros from Battery Ventures, HV Holtzbrinck Ventures, Deutsche Bank, AXA and Saban Ventures.

The total funding amounts to 24.2 million Euros.

 

Partnerships with AXA & Deutsche Bank

Zeitgold forms commercial partnerships with AXA and Deutsche Bank to to serve more small businesses faster.

 

March. New office in Berlin

The 130-strong team in Berlin moved into the spacious Zeitgold Campus in the Hamburger Hof.

Zeitgold is founded

Stefan Jeschonnek and Jan Deepen share a vision: to make it intuitive to successfully run a small business. Together with Kobi Eldar, they found Zeitgold.

2017

February. New office in Tel Aviv

Continuously growing, the team in Tel Aviv is moving from the B & P Spaces in Hasmonaim Street to a spacious office on Ha’arbaa Street.

November. Technological breakthrough

For the first time, Zeitgold’s proprietary AI technology consistently surpassed human accuracy in the bookkeeping process, for the first time.

2019

Founders

Stefan Jeschonnek

Co-Founder & CEO

Prior to Zeitgold, Stefan co-founded fintech company SumUp and was their Chief Product Officer. He holds an MBA from Stanford Graduate School of Business and a BA from the University of St. Gallen.

Dr. Jan Deepen

Co-Founder & CRO

Before Zeitgold, Jan co-founded fintech company SumUp and was their Chief Commercial Officer. Prior to SumUp, he was a Principal at the Boston Consulting Group. He holds a PhD from WHU – Otto Beisheim School of Management.

Kobi Eldar

Co-Founder & CTO

Prior to Zeitgold, Kobi led a cybersecurity unit (8200) in the Israeli Defense Forces and had leading roles in several Israeli tech companies. He holds a BSc from Ha’Universita Ha’Petuha.

Our Investors

In the Press

SumUp co-founders are back with bookkeeping AI startup Zeitgold

The next time you go to your favorite restaurant or cocktail bar, talk to the manager about bookkeeping. Chances are that they’ll waste a lot of time collecting and collecting various documents

Berlin-based AI startup Zeitgold raises €10 million to free small businesses from paperwork

The Berlin-based AI startup Zeitgold has raised €10 million in Series A financing from Battery Ventures and Holtzbrinck Ventures… 

Interview with Zeitgold

Stefan and Jan previously co-founded fintech company SumUp and learned from thousands of small business owners how tough it is to run a small business. Dealing with financials is often the No. 1 reason that keeps small business owners up at night. Kobi had led a cybersecurity unit in the Israeli Defense Forces and knew how to solve the underlying data science problem… 

Deutsche Bank, AXA Back Financial Management Startup Zeitgold

Deutsche Bank and French insurance giant AXA SA backed Berlin-based financial management startup Zeitgold GmbH as part of a 10 million euro funding round. Zeitgold announced the round on Monday…

Interview with Zeitgold

Stefan and Jan previously co-founded fintech company SumUp and learned from thousands of small business owners how tough it is to run a small business. Dealing with financials is often the No. 1 reason that keeps small business owners up at night. Kobi had led a cybersecurity unit in the Israeli Defense Forces and knew how to solve the underlying data science problem… 

Deutsche Bank, AXA Back Financial Management Startup Zeitgold

Deutsche Bank and French insurance giant AXA SA backed Berlin-based financial management startup Zeitgold GmbH as part of a 10 million euro funding round. Zeitgold announced the round on Monday…

Interview with Zeitgold

Stefan and Jan previously co-founded fintech company SumUp and learned from thousands of small business owners how tough it is to run a small business. Dealing with financials is often the No. 1 reason that keeps small business owners up at night. Kobi had led a cybersecurity unit in the Israeli Defense Forces and knew how to solve the underlying data science problem… 

Deutsche Bank, AXA Back Financial Management Startup Zeitgold

Deutsche Bank and French insurance giant AXA SA backed Berlin-based financial management startup Zeitgold GmbH as part of a 10 million euro funding round. Zeitgold announced the round on Monday…

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