The German-German start-up company Zeitgold laid off 75 employees, most of them in Berlin, and the rest in Israel, Calcalist has learned. The company has also decided to close the main product it has developed since its inception in 2015. Following the layoffs, the company will have 30 employees, 10 of them in Israel. Investors in the company, which has raised 50 million euros to date, include the Israeli Vintage Fund, Battery Ventures Holzbrick Ventures, the largest insurance company in Europe, AXA, Deutsche Bank, Saban Ventures of Haim Saban and BTOV Bytners.
Zeitgold has developed a solution for the financial management of cafes, restaurants, small retailers and professionals. It allows the business owner to perform tasks such as managing books, paying salaries, paying invoices, collecting and coordinating with accountants. It was founded by Stefan Yeshunik and Jan Dipen, and the Israeli Kobi Eldar. The founders of the company decided to close the solution that required another huge financial investment and ran into many difficulties in the days of the Corona. After many years of developing the product and trying to make it as automated as possible, the company realized that without huge amounts of manpower, it would not be possible to carry out full management of such businesses.
Corona has sharpened its insights and led its founders in collaboration with the company’s investors to decide on the not-so-simple move. “We founded the company five years ago because we want to enable everyone to successfully run a small business,” the company’s founders wrote to its employees and customers. “As founders, we still stand behind our founding vision. “In conducting their business with confidence and success. To do so, we leverage the technology assets we have built and the comprehensive understanding of the market and the customers we have developed. We are grateful that our investors, who recently invested in the B Series financing, fully support our decision.”
Elder previously described the operation of the platform: “The customer puts all the documents of the business in a box that is in the business and is collected by a courier once a week. We extract all the information from the documents and organize the information points so that they reliably represent all the business activities. This form of work makes it easier for the customer, but creates a very significant technological challenge because all the insights between the documents are carried out by analyzing a machine ”.
The company now intends to focus on developing financial software products for small businesses that focus on automated systems with a focus on taxation systems and freelancers. The founders’ announcement, which will remain after the process, reads: “We are closing the existing Zeitgold product, so we will cease most of our operations in Berlin and Tel Aviv from September onwards. “30. We will focus on software products based on strengths, assets and IP that we have built over the past few years.”