TimeZynk, a Sweden based startup, has closed 220k€ in their second round of financing. The financing will go onto further develop the application, by the same name, which helps track time consumption. The mobile app is useful for scheduling, time and availability reporting that allows for staffing and recruitment companies to lower their costs by offering more targeted resources.
According to Johan Heander, one of the co-founders behind the company, they have verified the product in the Swedish market and together with the investment, are looking to expand the business into Germany. Part of this plan, they have also recruited a senior sales person from TAT that will become their sales manager for the European market.
From a technical point of view, the company has been able to launch their service on all mobile platforms. This means that the service works from the older Java-based handsets to the modern smartphones (Android, iPhone and Blacberrys currently). The information is being sent from the handsets to the ERP systems of the staffing and recruiting companies so it wipes out the need for time sheets to be passed around, making the process a lot more effective.
I like the idea, because it takes the simple concept of tracking one’s time and pivots that into a new industry where it is actually part of the core business – staffing and recruitment companies. The system is leased, so it is a sort of a SaaS-based model where TimeZynk handles everything from integration and updates for a monthly fee.