timeBro secures half a million euros from investors, Munich, 03.11.2020
The Munich-based company timeBro, which focuses on the automation of time recording with its SaaS solution, brings well-known investors on board. As a new business angel, timeBro has attracted, among others, Hotel.de founder Heinz Raufer, who was one of the first to invest in Flixbus and is involved in many other start-ups.
With this investment, the founders Arne Reimann, Niclas Preisner and Mislav Boras are accelerating the strong growth of the last few months and are expanding the internationalization that has begun. In addition to financing, the primeCROWD network supports sales and organizational development.
According to the Harvard Business Review, companies lose vast amounts of money through inaccurate time tracking. In the USA alone, it is about 7.4 billion dollars a day in losses. It's an open secret that employees have trouble accurately recording their time on projects. It's very difficult to remember at the end of the day what you've been working on and for how long. Solutions such as stopwatch buttons only work for the fewest of us because we keep forgetting to press them.
timeBro's solution against forgetting times is a reminder: The algorithm measures the duration of all computer activities fully automatically. This means that every program, every document and every e-mail is measured to the second and displayed on a timeline. This way, users can always remember quickly and accurately how much time they have worked on which project - no matter how far back it goes.
timeBro tracks the usage time of all programs exclusively for the user - and visualizes the day as a timeline.
● Clear USP in contrast to other time tracking solutions
● Strong growing market (12% p.a.) (especially after the Covid-19 crisis)
● Highly scalable business model (SaaS) - focus on B2B
● 39% Conversion (Trial of Paid) - in comparison: SaaS - Topperformer (8-10%)
● Already committed: Business Angel Stephan Berendsen (Advisor and Investor), who has already successfully accomplished two exits
→ raised 6 figure investment
→ connected to very experienced Business Angels
→ fully digital round during COVID-19
primeCROWD shareholder Stephan Berendsen, who has been invested in timeBro since the end of 2018, is satisfied with the current financial year: "The shift of users to the home office has reduced the visibility of the work. timeBro is countering the emerging trend towards employee monitoring with an employee-friendly tracking concept that supports individuals in self-determined time recording and saves users any headaches. This benefit for employees and management is what makes our success so special.
"What makes our tracking unique is the privacy. All data is stored exclusively on the user's device - and not in the cloud. This is how we ensure that no one but the user can see what they have been working on and for how long. No boss can look into it, no colleague and not even we at timeBro. This makes us the only activity tracker that really meets the data protection regulations in large companies," emphasizes Arne Reimann, Managing Director of timeBro.
Markus Kainz, CEO primeCROWD, emphasizes: "A business case like timeBro needs a strong network to grow quickly. Therefore, the constellation of investors was particularly important this time. With the experts Heinz Raufer, the Tanzanit Foundation, Ingo Dopplinger, Karin Dopplinger, Werner Schweitzer and Stephan Berendsen, this was achieved in a dream cast".
Year invested: 2020
Sector: Digital Economy
Deal Captain: Markus Kainz