TimeFlow – a solution that automates and optimizes workforce management and IT supply chain resource procurement – announced the closing of a new €4 million funding round. This funding round, which is funded in part by the European Union-Next Generation EU, was supported by a major pool of investors such as Vertis SGR, through the Vertis Venture 6 Digital Sud fund, Azimut, through AZIMUT ELTIF Venture Capital ALIcrowd III vehicles and Azimut Venture Capital Digitech Europe and X-Equity strategy funds, both of which have strategic support from FNDX. CDP Venture Capital (Fondo Rilancio), Growth Engine, and Duccio Vitali have also converted 625k euros of previously subscribed convertible instruments into equity.
These operations were coordinated by Growth Capital, acting as a financial advisor within A-Road, the acceleration and fundraising program that selected TimeFlow for its fourth batch. And an equity crowdfunding campaign on Mamacrowd further boosted the project. This funding reflects confidence in TimeFlow’s potential to innovate IT skills management.
Launched in 2020 by Lorenzo Danese along with Iacopo Albanese, Gianmarco Ferrante, and Federico Patrioli, TimeFlow has become one of Italy’s most innovative companies in the Workforce & Vendor Management sector. And with offices in Milan and Lecce, a presence in five countries, and over €30 million in projects managed in 2024, the company has established itself as a key partner for leading IT multinationals.
The company created a proprietary solution that utilizes AI to streamline the process of searching, qualifying, and engaging professional services suppliers, accelerating the match between recruitment needs, available tech talent, and IT skills.
The modular platform was designed to seamlessly integrate with clients’ application ecosystems, ensuring a smooth and optimized experience. In the first nine months of 2024, TimeFlow generated over €1 million in revenue, drawing the interest of multinational companies such as Engineering and Deloitte.
Last year, TimeFlow achieved significant growth, with estimated revenues of €1.5 million (+50% compared to 2023) and a CAGR of +190% (2022-2024). And the platform’s user base has surpassed 1,500 companies (+60% compared to 2023), with a remarkable 900% increase in Enterprise clients adopting the Workforce & Vendor Management solution to digitalize supplier directories and monitor workforce efficiency. These results validate the success of the TimeFlow model, which combines advanced technology and network effect-based scalability to meet the needs of SMEs and large corporations.
TimeFlow is aiming to implement increasingly advanced functionalities, providing Procurement Managers, Sourcing Managers, HR Directors, Engineering Managers, Project Managers, and Product Owners with a tool for rapidly, strategically, and efficiently managing talent search and allocation for project activities.
TimeFlow plans to integrate new AI-powered functionalities into the platform, addressing areas not yet covered by the solution. At the same time, the company is focused on consolidating its presence in strategic markets, including the UK, Germany, and France, to reach €90 million in revenue by 2027, positioning itself as a leading force in the digitalization of human and technological resources.
KEY QUOTES:
“This important capital raise marks a key milestone for TimeFlow and a strong confirmation of investor confidence in our innovative model. We are excited to accelerate our growth plan and continue offering solutions that digitalize sourcing and workforce management, optimizing resources, reducing search times, and maximizing talent potential. Every day, thousands of companies struggle to optimize workforce and IT sourcing management, leading to wasted resources. We set out to change this scenario, and over 1,500 companies have already chosen us to support them in this transformation toward greater operational efficiency.”
– Lorenzo Danese, CEO of TimeFlow
“We found in TimeFlow a strong drive to innovate the sector by developing a platform that connects companies with IT service providers, and digitalize their supplier management. The key factors that convinced us to invest can be summarized in four points: a growing target market of the scaleup, excellent commercial traction achieved in just over three years, a strong portfolio of high-profile clients, and a young and motivated founding team with diverse expertise. This capital raise will support the scale-up’s development plan, focusing on international expansion, further technological advancements, and strengthening the corporate structure”.
– Giacomo Giurazza, Partner of Vertis SGR, which served as co-lead investor
“We firmly believe that the complementarity of skills and experiences within the founding team is a crucial factor in assessing a startup’s potential success. The four founders of Timeflow fully embody this principle, which is why we are pleased with our investment and excited to support the company in its growth and expansion journey.”
– Guido Bocchio, Head of Venture Capital at Azimut Libera Impresa SGR S.p.A., which acted as co-lead investor through the AZIMUT ELTIF – Venture Capital ALIcrowd III fund
“We are proud to have supported TimeFlow in this fundraising round, acting as their sole financial advisor within the A-Road program. Their significant growth, with a 190% CAGR in revenue, confirms the strength of their business model and the value of their innovation in the Workforce & Vendor Management. The strategic support of Duccio Vitali, CEO of Alkemy and A-Road Mentor, has helped accelerate this journey, further solidifying their market position. We are confident that this round marks a turning point for TimeFlow, positioning the company for ambitious new milestones in Italy and abroad.”
– Andrea Casati, Vice President at Growth Capital
“With TimeFlow, we’ve created a revolutionary system that enhances Workforce and Professional Services Sourcing management for businesses. This capital raise positions us to expand into new markets, enabling us to continue offering innovative and scalable solutions that meet the needs of a rapidly evolving market.”
– Lorenzo Danese
