Bookkeeping startup Zeitgold lays off 75 employees and pivots to tax prep software

🌎 Berlin, Tel Aviv ∙ 👩 75 employees (71%) ∙ 🖥 Multiple departments

Zeitgold, a Berlin-based startup that automates bookkeeping for small businesses and their tax advisors, announced last week that it was sunsetting its main product. In conjunction, the company laid off 75 of its employees, leaving 30 people on the team.

Like other startups that have attempted to automate bookkeeping, Zeitgold discovered that despite years of technology development, its service still required large amounts of manual labor to deliver. Scaling such a service was unsustainable, Zeitgold ultimately concluded. The company will instead develop new products that can be delivered without human involvement, such as tax preparation software.

Following the layoff, Zeitgold launched a talent directory to showcase its former employees (see link 👇). The Zeitgold layoff list includes 62 ex-employees in Berlin and Tel Aviv.

The company raised a $29 million Series B just 3 months ago.

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