TimeFlow, a solution that automates workforce management and resource provisioning in the IT supply chain, announces the closing of a new investment round worth EUR 4 million.
The round, partly funded by the European Union – Next Generation EU, was supported by a pool of investors such as Vertis, through the fund Vertis Venture 6 Digital Sud, Azimut, through the vehicles Azimut Eltif Venture Capital ALIcrowd III and funds of the strategy Azimut Venture Capital Digitech Europe and X-Equity, both of which benefit from the strategic support of Fndx. In addition, CDP Venture Capital (Fondo Rilancio Startup), Growth Engine and Duccio Vitali converted EUR 625,000 of previously subscribed convertible instruments into equity.
The operation was coordinated by Growth Capital as part of A-Road, the acceleration and fundraising programme in which TimeFlow was selected for the fourth batch. To complete the operation, an equity crowdfunding campaign on Mamacrowd gave further impetus to the project. This injection of capital testifies to the confidence placed in TimeFlow’s potential to innovate IT skills management.
Founded in 2020 by Lorenzo Danese together with Iacopo Albanese, Gianmarco Ferrante and Federico Patrioli, TimeFlow innovates in the field of workforce & vendor management, with offices in Milan and Lecce, a presence in five countries and more than EUR 30 million of projects managed in 2024.
The company has developed a proprietary solution that leverages AI to simplify the process of finding, qualifying and hiring professional service providers, accelerating the matching of recruitment needs, available tech talent and IT skills. The modular platform is designed to connect easily with the client company’s application ecosystem, ensuring smooth and optimised integration.
In the first nine months of 2024, the company generated more than EUR 1 million in revenue, attracting the interest of multinationals such as Engineering and Deloitte.
“This important capital raising marks a milestone for TimeFlow and a strong confirmation of investors’ confidence in our innovative model. We are excited to accelerate our growth plan and continue to offer solutions that digitise sourcing and workforce management by optimising resources, reducing search times and enhancing the value of talent,” said Lorenzo Danese, CEO of TimeFlow, in a statement. (pictured here with the team) – Every day, thousands of companies fail to make their workforce management and IT sourcing more efficient, resulting in significant resources being wasted. We have decided to change this scenario and over 1,500 companies have already chosen us to support them in this operational efficiency.”
Giacomo Giurazza, a partner at Vertis who acted as co-lead investor, adds: ‘We found in TimeFlow a great desire to innovate in the industry, developing a platform to connect companies and IT service providers and to digitise the management of companies’ supplier fleets. The main strengths that convinced us to invest can be summarised in four macro points: the scaleup’s growing target market, the excellent commercial traction achieved in little more than three years since the launch, the presence of clients of primary standing, and a young and close-knit founding team with great motivation and transversal skills. The capital raising will be aimed at supporting the scaleup’s development plan, which will focus on internationalisation, further technological developments and strengthening the company’s organisational chart.”
Guido Bocchio, head of venture capital at Azimut Libera Impresa, which acted as co-lead investor, comments: “We firmly believe that the complementary skills and experience of the founding team is a crucial factor in assessing the potential success of a start-up. The four founders of Timeflow fully embody this principle and therefore we are delighted with the investment made and excited to be able to support the company in its growth and expansion path.
“We are proud to have joined Timeflow in this funding round, supporting them as the sole financial advisor within A-Road. Their significant growth, with a CAGR of around 190% in revenues, confirms the strength of their business model and the value of their innovation in workforce & vendor management. The strategic support of Duccio Vitali, CEO of Alkemy and Mentor of A-Road, helped to accelerate this path, consolidating their position in the market. We are confident that this round represents a turning point for Timeflow, propelling them towards new ambitious goals in Italy and abroad,’ says Andrea Casati, Vice President Growth Capital.
In 2024, TimeFlow recorded growth with estimated revenues of EUR 1.5 million (+50% compared to 2023) and a CAGR (2022-2024) of around 190%. There are more than 1,500 companies using the platform (+60% compared to 2023), with an extraordinary increase in customers in the enterprise segment who have chosen the workflow & vendor management solution (+900%) to digitise their supplier lists and monitor their workforce.
Looking to the future, TimeFlow aims to implement more and more advanced functionalities, offering procurement managers, sourcing managers, HR directors, engineering managers, project managers, product owners an increasingly innovative tool to manage the search for and allocation of the best talent to project activities in a fast, strategic and optimised way.
Thanks to the funds raised, TimeFlow aims to integrate new functionalities based on artificial intelligence into the solution and cover functionalities not covered by the platform today. At the same time, the company aims to consolidate its presence in strategic markets, such as the United Kingdom, Germany and France, with the goal of reaching EUR 90 million in turnover by 2027, positioning itself as a reference point for the digitisation of human resources and technology.
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