French startup Jump, a modernized version of the umbrella company concept in France, has successfully secured €11 million (approximately $12 million) in a Series A funding round. The fresh capital injection is expected to bolster the company’s efforts in providing freelancers with the stability and benefits typically associated with full-time employment.
Jump’s Unique Model
Jump offers full-time contracts to freelancers seeking job security and comprehensive benefits, such as health insurance, meal vouchers, and access to employee savings schemes. Despite the administrative support, workers remain independent, allowing them to collaborate with multiple clients and negotiate contracts directly.
The platform enables freelancers to bill their customers through Jump’s platform, generate payslips, and receive their salaries at the end of each month. This feature ensures that freelancers can establish a sustainable income throughout the year, even during slower periods like the summer.
Investment and Growth
Breega is leading the current funding round, with Index Ventures and Raise Ventures also participating. This round of funding follows a previous €4 million (approximately $4.5 million) investment back in 2021.
With the new capital, Jump aims to expand its reach and support more independent workers. The company currently serves software developers, data engineers, project managers, creative consultants, and sports coaches.
The Challenges and Benefits
While Jump offers numerous benefits to freelancers, there are some trade-offs. Corporate contributions are deducted from the workers’ pay, and the platform itself costs €99 per month. However, many freelancers may find the combination of flexibility and stability worth the cost.
Jump’s co-founder and CEO, Nicolas Fayon, highlighted the appeal of the platform: Many freelancers want the best of both the freelancing and full-time employment worlds. So far, we’ve managed to convince 2,000 freelancers to make the jump.
Expansion and Future Plans
Jump is looking to expand its services to support B2C sellers, including businesses that bill consumers via online payments or physical payment terminals. The company also plans to launch a British umbrella company for freelancers working in the UK.
We want to be able to support more independent workers, Fayon said. In the future, we hope to expand to other countries and cater to a broader range of freelancers.
Conclusion
Jump’s innovative approach to supporting freelancers is gaining traction, with the recent funding round further validating the company’s potential. As the gig economy continues to grow, platforms like Jump are essential in ensuring that freelancers receive the benefits and stability they deserve. With plans to expand and cater to more independent workers, Jump is poised to become a key player in the freelancing industry.
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