Settly raises €6 million to transform the future of work
Settly, a HR platform for employee relocation, has raised €6 million from the French evergreen impact fund “2050” and Mediahuis Ventures, the Belgian venture capital fund of international publisher Mediahuis. It is Settly's first investment round after having single-handedly grown to over 50 employees in 7 European countries since its inception in 2019.
With 75% of companies struggling to find local talent due to skill shortages, the search for employees from abroad is intensifying. HR platform Settly supports international employees during their transition to a new country and unburdens the employer. The startup stands out for its mission to create a world where everyone can feel at home and provides end-to-end support and an optimal experience for employees and their partners. It has done so with success, because in a market where 40% of international moves do not go according to plan, leading to failed hires, Settly grew 350% under its own steam last year while maintaining a client satisfaction score of 9.2/10. To realise its mission, expand its product offering, cement its position in the key markets, and further grow its operations across global markets, the company has attracted two long-term investors, together accounting for €6 million.
“The number of people living and working outside of their country of birth is expected to grow by 70 million over the coming years. Our mission is to transform the future of work, where it no longer matters where you come from, but where you feel at home. Settly wants to change the way companies look at international talent, recruiting, culture and community. We do this by not only offering support in immigration, tax and soft landing, but also by focusing on how people feel in their new country through a multi-local approach. We help them connect with the local community and by offering a broad range of events, recommendations, and tailored information and support based on their personal situation," says Marieke van Iperen, CEO & Co-Founder of Settly. "So far we've done this bootstrapped, so without financial backing. To continue to grow our impact, we have found two investors who fully support our mission and strategy and fully align with our core values."
Settly was named one of the ‘top 5 global bootstrapped start-ups to watch’ by Dealroom last year, almost quadrupled in revenue and team size in 2022, and is on track to achieve impressive growth numbers in 2023.
Hyper personal and Multi-Local approach
Settly operates in the Netherlands, Germany, the UK, Spain, Portugal, the Czech Republic and Australia, and works for brands such as Miro, Personio and Bynder In each country, Settly has a local set-up to support its clients. In doing so, the company combines a hyper personal and multi-local approach to improve the employee experience.
"The employee experience is the most important thing for us, period. Diversity, equality and inclusion are in our DNA, starting with our own team of 55 who we’re proud to say is majority female across all levels with the LGTBQIA+ community well represented, and consists of 33 nationalities. Furthermore, the solution that we’re building lies not just in focusing on the process and ticking off the boxes of what needs to happen during a relocation, but in empowering HR to hire talent from everywhere and keeping the new employee and family engaged, connected, and happy," says Marieke.
Settly gives companies a competitive edge, and a retention tool for international talent. The platform allows HR to build their relocation strategy and seamlessly support new hires and internal assignments in their move and transition to a new country. Along with boosting employee engagement and social connectivity, Settly’s relocation platform automates tedious admin tasks usually carried out by HR teams, allowing them to focus on making more impact.
"It is our mission to change the way the VC model works and help grow businesses that have a meaningful impact on people, society and the planet. Settly’s 3% churn rate and a Client Satisfaction score of 9.2 shows a strong need for a personalized approach in a market worth $58 billion among larger multinationals alone. The start-up’s core values align seamlessly with our investment policy," said Marie Ekeland, Founder of 2050.