Just one year after launch, Jet HR has raised a Seed round of €12 million, bringing total funding to €16.7 million.
The Italian startup was founded by Marco Ogliengo and Francesco Scalambrino. It aims to eliminate the bureaucracy surrounding payroll, HR, and running a company in Italy.
Jet HR responds to companies’ frustration with bureaucracy by offering a tech platform coupled with expert, authorised Payroll Advisors.
Not only does Jet HR automate payroll (the processing of payroll, hiring and related matters), but it also allows for rapid handling of adjacent administrative tasks.
Hundreds of satisfied customers appreciate the sudden clarity on payroll costs, the ease of building valid contracts and hiring employees, the elimination of paper from expense reports and contracts, and the monetary savings due to the automatic application of tax breaks.
After just 12 months of operation, clients include over 300 client companies, including traditional SMEs, start-ups, multinationals, and even publicly traded companies like HelloFresh and Octopus Energy.
Marco Ogliengo, Ceo of Jet HR, commented:
“It is clear that we are on the right track: not only hundreds of satisfied clients and illustrious Italian investors, but we now have the trust of an international fund like Picus Capital.
Picus knows our industry well, having invested in several payroll and HR companies that have since become ‘unicorns.’
They see potential in us, and we are happy to work together and learn from them. It is crucial for the future of our country to have a strong economy. Our contribution, supported by our investors, will be to free businesses from unnecessary bureaucracy so they can accelerate.”
Picus Capital led the investment, which included Exor Ventures, Italian Founders Fund, 2100 Ventures. Also participating was Diego Piacentini, who after a leadership roles at Apple and Amazon became government Commissioner for Italy’s Digital Agenda; David Clarke, former CTO of the world’s largest HR company, Workday; Tony Jamous, founder of Oyster HR (unicorn in the global payroll space); and Felix Blossier, founder of the French accounting unicorn Pennylane.
Jet HR’s cap table also includes some of Italy’s most successful tech entrepreneurs – who invested directly or through IFF – as well as some of the largest industrial families such as Benetton, Berlusconi and Moratti.
Robin Godenrath, Founding Partner and Managing Director of Picus Capital, shared:
“We’re thrilled to back Marco, Francesco, and the entire JetHR team on their quest to revolutionise the Italian payroll landscape.
Italy’s complex payroll regulations, established consultant networks, and antique way of customer interaction provide the ideal basis for JetHR’s innovative and digital approach. We are in particular impressed by the speed of product iteration and the exceptional commercial traction demonstrated by the team early on.
Given the current reliance on service-heavy solutions, we see exceptional potential for AI-powered automation to transform the Italian €4 billion payroll market. We are excited to continue supporting JetHR as they pioneer the future of AI-driven payroll solutions.”
The fundraising will grow the team, which now numbers 70 employees, mostly going into R&D. Upcoming features include contractor management, which allows companies to quickly pay contractors alongside employees and have a complete picture of the total workforce and related costs.
Lead image: Jet HR’ co-founders, Francesco Scalambrino (CPO) and Marco Ogliengo (CEO). Photo: uncredited.
By Tech.eu
Source: Tech.eu