(Finance) – Just one year after its entry into the market, marked by growth beyond expectations, Jet HR – the startup founded by Marco Ogliengo and Francesco Scalambrino to reduce the bureaucracy related to work and employee management – confirms the strength and potential of the model and attracts new important investments with a seed round of 12 million eurosthus bringing the overall collection to 16.7 million euros. Acting as lead investor is the international Venture Capital firm Picus Capital.
“We are thrilled to support Marco, Francesco and the entire Jet HR team in their mission to revolutionize the landscape of
pay slips in Italy – – he declared Robin GodenrathFounding Partner & Managing Director of Picus Capital -. Italy’s complex payroll regulations, established consultant networks and outdated way of interacting with clients are the perfect foundation for Jet HR’s innovative and digital approach. We are particularly impressed by the speed of product iteration and the exceptional commercial drive demonstrated by the team since the beginning. We see tremendous potential in AI-driven automation to transform the €4bn+ payroll market in Italy, given the current reliance on highly service-oriented solutions. We are excited to continue supporting Jet HR as they pioneer AI-driven payroll solutions.”
The capital increase will support the growth of theorganicwhich today has 70 employees, as well as for the development of the platform, which has immediately positioned itself in that 10% of the fastest growing Saas (Software as a Service) in the world (source ChartMogul SaaS Growth Report). Furthermore, the next release of new functionality. First among these is the possibility of managing with the platform not only employees but also self-employed workers with VAT numbers, allowing companies to guarantee transparency and punctuality in payment processing also towards collaborators and, at the same time, to have a complete and constantly updated picture of the total workforce and related costs.
“It is clear that we are on the right track: to the hundreds of satisfied customers and the very important Italian investors, now we have the trust of an international fund like Picus Capital – commented Mark OgliengoCEO of Jet HR -. Picus knows our industry well, having invested in several companies in the payroll and HR space that have become “unicorns”. They see the potential in us, and we are happy to work together and learn from them. It is essential for the future of our country to have a strong economy. Our contribution, supported by our investors, will be to free companies from unnecessary bureaucracy so they can run”.
“Among the many satisfactions of this first period, I put at the top the enthusiasm of those who have adopted our solution and come back to us describing the choice as a turning point for their business – he added Francis Scalambrinoco-founder and Product Lead of Jet HR -. They really save precious time and energy, but above all they understand the situation of each individual employee clearly. The same goes for the workers themselves. Thanks to the trust of investors with new resources we will continue to develop many new features and integrations that are crucial to bringing further value to our customers”