We’re thrilled to announce that flexible employment fintech All Gravy has just closed a €3.2m round, led by us. All Gravy was founded in Copenhagen in 2020 by Jonatan Rasmussen and Kristian Lundager to combat high staff turnover in retail and hospitality by creating a tool that gives employees more choice, instant wages and incentives.
The work they’re doing is vital in the face of a rapidly changing employment landscape and we’re delighted to have been able to lead this seed round alongside Founders, UpFin and Nordic Web Ventures.
We were also joined by numerous experienced Angels including Bradley Horowitz (Global VP Product, Google), Phil Chambers (CEO, Peakon), Terese Hougaard (Partner, Atomico), Dan Winn (CTO, Deliveroo), Caroline Hjelm (Head of Marketing, Voi) and Dorte Bregnhøj (Global VP & Head of Talent, Bain & Co).
The All Gravy team is on a mission to help hospitality businesses amidst a growing labour shortage with better, more employee-centric payroll solutions. Flexible workers are an ever-increasing part of the economy with 90 million hourly-paid people in Europe. As they juggle multiple jobs with their own personal lives and ambitions, they need all the help they can get to administer their financial wellness and financial freedom. On the other hand, hospitality businesses need a simple way to reduce staff turnover, incentivise new employees, and support them during these uncertain times. Especially when 75% of employees leave hospitality every year and the bulk of tenures range from 6-9 months.
All Gravy is rising to both these challenges. Its people operating system provides a mix of qualitative and quantitative insights. This allows HR or ops teams to focus on strategic decisions over firefighting. For employees, it includes an integrated financial wellness app which increases motivation, flexibility and retention. It helps them to understand their earnings, plan savings and even get paid as soon as the shift ends, free of charge.
Jonatan, Kristian and the All Gravy team have already signed up over 150 restaurants to date and counts Mcdonald’s amongst its client list and the work they’re doing is already showing incredible results. When employees have access to All Gravy, users see +20% more shifts taken, and 15% better retention. The app has over 70% adoption and has a 3-month retention rate of over 90%.
This latest investment will aid expansion to the UK, support further products and accelerate growth in Denmark and Sweden. We’re so excited to be supporting All Gravy and their mission and can’t wait to see what they can achieve.