Estonian Startup Jobbatical raises €11.6M

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Estonian Startup Jobbatical raises €11.6M
©  Jobbatical

Jobbatical relocated workers specializes in moving employees to new positions. Its business has been positively impacted by the move to a digital nomadic workforce. Many people choose to become digital nomads after seeing the post-pandemic work environments. The company recently announced it had raised $11.6 million in funding from Inventure Nordic. Union Square Ventures, Swiss Post Ventures, Karma VC and Devotion Ventures also contributed funding to the round. Additionally, angel investors Kristel Kruustuk, Indrek Prants, Andres Kull and former Airbnb Experiences head Joe Zadeh participated in the round. As the world transitions into a fully paperless environment for migration, Jobbatical hopes to take advantage of situations previously handled by Deloitte and other similar companies.

Jobbatical handles employee relocation for companies like N26, TravelPerk and Personio — all of which are tech-based or involved in finance.

Approximately 1 out of 30 people move to a new country every year.

The company claims to have achieved 19 times the monthly recurring revenue and 8 times annual recurring revenue growth in the last 12 months. Additionally, they state that they have become cash flow and EBITDA positive.

Joe Zadeh is an angel investor and former head of Airbnb Experiences. He said in a statement, “My family was moving to a different country, which presented a lot of administrative difficulties and hurdles that required several months to overcome. Then I learned about Jobbatical; I was impressed by their ability to simplify the entire process. This would be great for businesses because it would allow their employees to experience different cultures and offer them more flexibility when it comes to cross-country borders.”

Jobbatical was founded by Estonian siblings Karoli and Ronald Hindriks along with Ankur Agarwal. The company changed focus from recruiting employees to simplifying employee relocations and immigration procedures.

Karoli Hindriks communicated via email that “many aspects of our market are being created as we speak.” She continued by saying that the needs of digital nomads have increased since the pandemic. Never in human history have people moved as much as they do today, and their needs are different than those of traditional relocations. Ms. Hindriks referred to this new borderless living market and stated that she was helping to create it.
The speaker continued by saying that their company has accomplished a lot in just three years since changing course. With only €2 million, they’ve built the most scalable product in their industry. They can also launch a new country on their platform in a day with zero coding required. They’ve also automated several crucial steps of relocation— including automated case assessments and form filling — and can easily adapt these processes for any new country with little to no programming. For this reason, the speaker said they could grow their company to serve 30 additional countries within the next two years, thanks to this Series A funding.


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