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."
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.
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."
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