TimeFlow Closes $4M Round, Partly on Mamacrowd, to Develop New AI Capabilities

TimeFlow, a solution that automates and streamlines workforce management and resource procurement in the IT supply chain, has announced the closing of a €4 million round.

The TimeFlow Round

The round, partly financed by the European Union – Next Generation EU, was supported by a pool of investors including Vertis SGR , through the “Vertis Venture 6 Digital Sud” fund, Azimut, through the AZIMUT ELTIF Venture Capital ALIcrowd III vehicles and funds of the Azimut Venture Capital Digitech Europe and X-Equity strategy, both of which benefit from the strategic support of FNDX.

Furthermore, CDP Venture Capital SGR (Fondo Rilancio Startup), Growth Engine and Duccio Vitali have converted 625,000 euros of previously subscribed convertible instruments into equity.

The operation was coordinated by the financial advisor Growth Capital within A-Road, the acceleration and fundraising program 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 capital injection testifies to the confidence placed in TimeFlow’s potential to innovate IT skills management.

An Innovative Company in Workforce & Vendor Management

Founded in 2020 by Lorenzo Danese together with Iacopo Albanese, Gianmarco Ferrante and Federico Patrioli , TimeFlow is one of the most innovative Italian companies in the Workforce & Vendor Management sector, with offices in Milan and Lecce.

It also boasts a presence in five countries and over €30 million of projects managed in 2024, establishing itself as a point of reference for leading multinationals in the IT sector.

The company has developed a proprietary solution that, using AI, simplifies the process of finding, qualifying and engaging Professional Services providers, accelerating the matching of recruitment needs, available Tech Talent and IT skills.

The modular platform is designed to easily connect with the customer company’s application ecosystem, ensuring seamless and optimized integration.

In the first nine months of 2024, the company generated over 1 million euros in revenue, attracting the interest of multinationals such as Engineering and Deloitte.

TimeFlow’s Future Goals

In 2024, TimeFlow recorded significant growth, with revenues estimated at 1.5 million euros (+50% compared to 2023) and a CAGR (2022-2024) of approximately 190%.

The companies using the platform are over 1,500 (+60% compared to 2023), with an extraordinary increase in customers in the Enterprise segment who have chosen the solution (+900%) to digitize the supplier register and monitor the workforce.

Looking to the future, TimeFlow aims to implement increasingly advanced features, offering a tool to manage the search and allocation of the best talents on project activities in a fast, strategic and optimized way.

Thanks to the funds raised, TimeFlow aims to integrate new AI-based features into the solution and cover the functionalities not currently covered by the platform.

At the same time, the company aims to consolidate its presence in strategic markets, such as the UK, Germany and France, with the objective of reaching 90 million in turnover by 2027.

Comments from the protagonists

“This important capital raising marks a key 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 digitize sourcing and workforce management by optimizing resources, reducing search times and enhancing talent,” said Lorenzo Danese, CEO of TimeFlow.

Giacomo Giurazza, Partner of Vertis SGR , adds: “ We found in TimeFlow a great desire to innovate the sector, developing a platform that allows companies and IT service providers to connect and digitalise the management of companies’ supplier bases.”

Guido Bocchio, Head of Venture Capital at Azimut Libera Impresa SGR SpA , comments: “ We firmly believe that the complementarity of the skills and experiences of the founding team represents a crucial factor in evaluating the potential success of a startup.”

“The strategic support of Duccio Vitali, CEO of Alkemy and Mentor of A-Road, has helped accelerate this path, consolidating their position on the market. We are confident that this round represents a turning point for Timeflow, projecting them towards new ambitious goals in Italy and abroad ” – added Andrea Casati, Vice President Growth Capital.

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(Featured image by Hitesh Choudhary via Unsplash)

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