Copenhagen-based fintech start-up All Gravy announced its raised a seed round of €3.2 million for its ‘people operating system’ for the retail and hospitality sectors.
The seed round was led by Moonfire, Founders, Upfin and The Nordic Web Ventures and a wealth of experience from angels including Bradley Horowitz (Global VP Product, Google) and 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).
All Gravy was founded in 2020 by Jonatan Rasmussen and Kristian Lundager in Copenhagen, to combat the issue of high numbers of staff turnover in the retail and hospitality sectors by creating a tool to give employees more choice, instant wages and incentives. It is aimed at hourly paid workers.
The UK hospitality and retail markets are calling as they struggles to stabilise after the issues Brexit and Covid caused their workforces. Restaurants and shops have been left without staff or are struggling with staff retention. All Gravy’s people operating system tool hopes to solve this issue.
The fintech claims 20% more shifts are taken per employee, there is a 15% increased retention and the increased ability to attract talent with instant access to wages earned with its fintech tool.
“The All Gravy people operating system works like a workforce optimisation tool. It provides a mix of qualitative and quantitative insights, allowing the HR or ops team to make strategic decisions rather than just putting out fires - our customers tell us that what’s in the best interest of employees is in the best interest of the employer - everyone can win,” said CEO Jonatan Rasmussen.
All Gravy has signed over 150 restaurants to date and counts McDonalds amongst its client list.
“Employers in the sector generally lack the tools to understand churn rate, sentiment and support employee engagement. They don’t know when or why people are quitting. That’s one of the things All Gravy analytics solves,” said CTO Kristian Lundager.
The funding will also help to build out the suite of products and accelerate growth in Denmark and Sweden.
"All Gravy can revolutionise how millions of hourly paid workers operate. With the labour shortages we're seeing in hospitality and retail, attracting, retaining and understanding data on your employees is business critical. We're excited to be partnering with All Gravy,” said Mattias Ljungman, Founding Partner at Moonfire.