One yr after its launch, Jet HR, a startup based by Marco Ogliengo and Francesco Scalambrino to eradicate the forms surrounding payroll, HR and customarily working an organization in Italy, has attracted a seed spherical of €12 million, bringing whole funding to €16.7 million. Lead investor is enterprise capital agency Picus Capital. Present buyers Exor Ventures, Italian Founders Fund and 2100 Ventures are collaborating within the spherical by rising their stake.
Additionally investing additional are names similar to Diego Piacentini, who after a management roles at Apple and Amazon turned authorities Commissioner for Italy’s Digital Agenda; David Clarke, former CTO of the world’s largest HR firm, Workday; Tony Jamous, founding father of Oyster HR (unicorn within the international payroll house); and Felix Blossier, founding father of the French accounting unicorn Pennylane. Jet HR’s cap desk additionally consists of a few of Italy’s most profitable tech entrepreneurs – who invested immediately or by way of IFF – in addition to among the largest industrial households similar to Benetton, Berlusconi and Moratti.
Robin Godenrath, Founding Accomplice & Managing Director of Picus Capital, mentioned: “We’re thrilled to again Marco, Francesco, and the complete JetHR workforce on their quest to revolutionize the Italian payroll panorama. Italy’s complicated payroll rules, established advisor networks, and vintage means of buyer interplay present the perfect foundation for JetHR’s revolutionary and digital method. We’re specifically impressed by the velocity of product iteration and the distinctive business traction demonstrated by the workforce early on. We see distinctive potential for AI-powered automation to rework the Italian €4 billion payroll market given the present reliance on service-heavy options and we’re excited to proceed supporting JetHR going ahead as they pioneer the way forward for AI-driven payroll options.
Jet HR responds to the frustration of corporations within the conflict with forms. It provides a tech platform coupled with skilled, licensed Payroll Advisors. Not solely does Jet HR automate payroll (the processing of payroll, hiring and associated issues), nevertheless it permits for fast dealing with of adjoining administrative duties. A whole lot of glad prospects recognize the sudden readability on payroll prices, the benefit of constructing legitimate contracts and hiring workers, the elimination of paper from expense studies and contracts, and the financial financial savings as a result of automated utility of tax breaks. These are the primary components behind the success of this mannequin, and what satisfied so many innovators to put money into the document pre-seed spherical in June 2023.
The market’s sturdy demand for simpler, environment friendly options to the numerous complexities of worker administration is clear after simply 12 months of operation: greater than 300 shopper companies-including conventional SMEs, start-ups, multinationals and even publicly traded corporations like HelloFresh and Octopus Vitality. Jet HR positioned itself within the prime decile of world’s quickest rising Saas (Software program as a Service).
The fundraise will likely be employed in rising the workforce, which now numbers 70 workers, largely going into R&D. Upcoming options embrace contractor administration, permitting corporations to shortly pay contractors alongside workers, and have a whole image of the full workforce and associated prices.
Marco Ogliengo, Ceo of Jet HR, commented: “It’s clear that we’re heading in the right direction: not solely a whole lot of glad purchasers and illustrious Italian buyers, however we now have the belief of a global fund like Picus Capital. Picus is aware of our business effectively, having invested in a number of payroll and HR corporations which have since grow to be ‘unicorns.’ They see potential in us, and we’re comfortable to work collectively and be taught from them. It’s essential for the way forward for our nation to have a robust economic system. Our contribution, supported by our buyers, will likely be to free companies from pointless forms to allow them to speed up.”
Francesco Scalambrino, co-founder and Product Lead of Jet HR, added: “On the prime of the listing of the victories of this primary yr, I place the keenness of the purchasers who’ve adopted our answer and thereafter come again to us describing the selection as top-of-the-line selections of the yr for his or her enterprise. They actually save useful time and vitality, however most significantly, they now know each worker’s state of affairs clearly. The identical furthermore applies to the workers themselves. Due to the belief of buyers with the brand new capital, we are going to proceed within the growth of many new options and integrations essential to convey additional worth to our prospects.”
