timeBro raises millions in Series A and renames to memtime

The Munich-based Software-as-a-Service (SaaS) startup memtime, specialized in automatic time tracking software (formerly known as timeBro), has successfully closed a seven-figure funding round. The Series-A round is led by BayBG as the lead investor, with Bayern Kapital as a co-investor. Additionally, Gateway Ventures and business angels Dr. Heinz Raufer (early investor in Flixbus) and Stephan Berendsen from the group of existing investors have also participated.

Press Release, Munich, September 7, 2023 - memtime (formerly timeBro) was founded in 2015 at the renowned Strascheg Center for Entrepreneurship at the University of Munich by Arne Reimann, Mislav Boras, Niclas Preisner, and Dr. Klaus Preisner. The team has been revolutionizing the way service providers track their project times ever since. The company's Activity Tracking Software allows for the automatic recording of all work activities in programs, documents, emails, calendars, and websites. Users get a comprehensive visualization of their workday. "At the end of a long day, no one working on multiple projects can remember how many hours were spent on each project," says Arne Reimann, founder and CEO of memtime. "memtime enables our customers to effortlessly remember every minute of their time and save 75% of their time spent on time tracking."

memtime enables our customers to effortlessly remember every minute of their day and save 75% of their time spent on time tracking.

Arne Reimann, CEO, memtime

The significant advantage of the tracking software is its focus on data privacy and security. As an offline tool, memtime stores all data exclusively on the users' devices. Furthermore, the software solution stands out for its integration capabilities: memtime can seamlessly integrate into various project management tools, ERP systems, and billing solutions with open interfaces. Currently, users from over 90 countries are utilizing the SaaS solution. The customer base includes advertising agencies, consulting firms, IT teams, accountants, and law firms - a positioning that is expected to be further expanded through the investments from BayBG and Bayern Kapital.

As an offline tool, memtime stores data exclusively on users' devices - which means monitoring employees is impossible.

Mislav Boras, Managing Director, memtime

Arne Reimann is pleased with the new investors: "With BayBG and Bayern Kapital, we welcome two renowned investors who share our vision of a platform for analyzing time usage that goes far beyond project time tracking in the service industry. In the era of efficiency improvement through artificial intelligence, every company in the future must better understand how our human intelligence and time are being used. The fresh capital and our combined expertise will allow us to significantly further develop the software. At the same time, we want to strengthen our market position by introducing our technology into new target markets and driving customer acquisition."

BayBG Investment Manager Dr. Alois Ganter says, "We are delighted to have participated as the lead investor in memtime's Series-A funding round. The founding team convinced us with its outstanding customer orientation and effectiveness, as well as the innovative product that can scale to various applications. The investment will enable the founding team to inspire even more customers worldwide."

Monika Steger, Managing Director of Bayern Kapital, adds, "memtime has a clear vision of becoming the standard for time tracking. The scalable business model offers significant potential for time savings and is particularly distinguished by its impressive integration function. With just a few clicks, memtime can seamlessly integrate into existing project software, enabling companies to efficiently manage their time tracking. We see a clear competitive advantage and believe that memtime is well on its way to achieving its ambitious goals."

Dr. Heinz Raufer also expresses confidence as an investor in memtime: "As an investor in memtime, I am delighted to have witnessed the significant progress the company has made in recent, very successful years. The completion of the current funding round is the perfect basis for further accelerated growth with the company's unique product, an Activity Tracking Software that stands out for its data privacy concept and supports employees instead of monitoring them. The market potential is enormous, and memtime is ready to gradually achieve market leadership."

We offer an upgrade for any project software, so we are now focusing on expanding integrations with software providers and vendor partnerships.

Niclas Preisner, CMO, memtime

About memtime:
memtime is an innovative software that assists users with the tedious task of time tracking. With memtime, time is automatically recorded in all programs, and the workday is represented through a timeline. This allows users to easily recall which projects they have worked on at a glance and save 75% of their time spent on time tracking. The promise: 100% privacy. memtime exclusively stores all tracking data on the user's device, ensuring that monitoring of employees is excluded, as only the user has access to the data.
www.memtime.com

Press contact: Niclas Preisner - niclas.preisner@memtime.com

About BayBG:
With its Venture Capital team, BayBG Bayerische Beteiligungsgesellschaft mbH, Munich (BayBG) invests in tech startups from Series A onwards. The Venture Capital portfolio currently consists of 40 technology companies. With an invested volume of 400 million euros, BayBG is one of the major venture capital firms in Germany. In addition to venture capital for startups, BayBG provides equity and/or mezzanine capital to medium-sized companies across all phases and financing occasions. This enables BayBG to support innovation and growth projects, optimize capital structures, or facilitate business successions.
www.baybg-vc.de

Press contact: Frederike.Hoffmann@baybg.de, Tel .: 089 122280-176

About Bayern Kapital:
Bayern Kapital GmbH, headquartered in Landshut, is the venture/growth capital company of the Free State of Bavaria. It supports innovative high-tech companies in Bavaria through various growth stages, from seed to later stage, with equity capital ranging from 0.25 to 25 million euros. Bayern Kapital often fills gaps in the VC sector in consortium arrangements with private investors (business angels, family offices, and corporate ventures).

Bayern Kapital manages specialized investment funds with a volume of around 700 million euros. Since its founding in 1995 on the initiative of the Bavarian state government, the 100% subsidiary of LfA Förderbank Bayern has invested around 450 million euros of its own equity capital in around 300 startups and scale-ups from industries such as life sciences, software & IT, materials & new materials, nanotechnology, and environmental technology. Thus, over 8,000 jobs have been created sustainably in future-oriented companies in Bavaria. The active portfolio currently comprises over 80 companies.

Examples of numerous groundbreaking success stories that Bayern Kapital has supported early on include EOS (now the world's leading technology provider in industrial 3D printing of metals and plastics), Proglove, Fazua, SimScale, Scompler, egym, Parcellab, Cobrainer, Quantum Systems, Casavi, Riskmethods, Tubulis, Catalym, Immunic, Sirion, and many others.
www.bayernkapital.de

Press contact Bayern Kapital: IWK Communication Partner Florian Bergmann Ohmstraße 1, 80802 München +49 89 200030-39 bayernkapital@iwk-cp.com www.iwk-cp.com