Jobbatical has announced an $11.6 million funding round as it looks to meet the demands of 281 million annual global worker relocations.
The former recruitment business specialises in managing employee relocations for high-growth companies – such as N26, TravelPerk, and Personio – to help make moving countries a paperless process.
Approximately 1 in 30 people decide to move internationally every year, with around two-thirds opting for Europe and the US. Post-COVID, this has increased rapidly as businesses relocate talent to plug gaps created by the global skills shortage.
As a result, Jobbatical says demand for its services has skyrocketed. The company registered 8x annual recurring revenue growth in the last year and 19x monthly recurring revenue in Germany alone, while also becoming cash flow and EBITDA positive. Between January and April this year, Jobbatical’s monthly turnover also increased sevenfold.
“The lockdowns following the pandemic should have slowed us down but didn’t - that’s proof that Jobbatical helps companies battle the largest ever global skills shortage as borderless living becomes the norm,” commented Karoli Hindriks, Jobbatical co-founder and CEO.
“As we welcome onboard these new investors, we welcome decision-makers to prioritise staff retention and increase the flexibility of their working models - including liberating their employees to work from anywhere.”
Jobbatical was founded in 2015 by Estonian entrepreneurs and siblings Karoli and Ronald Hindriks. In 2019, the company decided to shift its business model away from recruitment and towards streamlining employee relocation and immigration processes.
With the product leadership of co-founder Ankur Agarwal, the firm successfully navigated the change and has grown to manage employee relocation across 21 countries for leading European tech companies.
Jobbatical’s latest $11.6 million funding round was led by Inventure, with the pool of investors including Union Square Ventures, Swiss Post Ventures, Karma VC, Metaplanet, Devotion Ventures, as well as angel investors Kristel Kruustük, Indrek Prants, Andres Kull, and former Head of Airbnb Experiences Joe Zadeh.
“At Inventure, we see that the best companies in our portfolio want to offer their employees the ability to work from anywhere in the globe, before Jobbatical that was easier said than done,” said Rebecka Rydå, Investment Director at Inventure.
“Karoli, Ronald, Ankur and the team have shown great resilience and grit to tackle one of the biggest challenges in the future of work.”
