Germany-based enterprise accounting software developer Zeitgold has received $29.2m of series B funding from investors including financial services firm Deutsche Bank and Axa Innovation Campus, a subsidiary of insurer Axa, TechCrunch reported today.
The round was led by venture capital firm Vintage Investment Partners and also included Battery Ventures, HV Holtzbrinck Ventures, Saban Ventures and Btov Partners.
Founded in 2015, Zeitgold has built an app-based software platform that automatically scans enterprise documents such as invoices and bills using a smartphone camera to be matched against transactions on the client’s bank account.
The platform is pitched as simplifying procedures such as tax submissions, with Zeitgold claiming daily information for filings can be prepared in less than 10 minutes. Zeitgold will now look to incorporate more automation tools geared toward enterprise bookkeeping objectives.
The company previously raised $11.3m in a February 2019 round that included all of its series B investors aside from Vintage Investment.
Battery Ventures and HV Holtzbrinck Ventures had supplied $11.9m of series A capital in September 2017, having also combined for Zeitgold’s $4.4m seed round seven months previously.