French startup Jump, a modern take on the French umbrella company concept, has raised €11 million (about $12 million at current exchange rates) in a Series A funding round.
Jump offers permanent contracts to freelancers who are looking for stability and the benefits that come with a full-time job. They act only as an administrative partner and the worker remains independent, meaning they can work with multiple clients and negotiate contracts directly.
Breega led today’s funding round, with participation from Index Ventures and Raise Ventures. The startup previously raised €4 million (about $4.5 million) in 2021.
Freelancers can bill clients through the Jump platform after signing up, create pay statements at the end of each month, and receive their paychecks. This feature alone allows freelancers to define their own paychecks that work all year round, even during the off-season summer months.
And with a permanent contract, workers are registered in the national health system and can contribute to the national pension system. Jump also offers health insurance contracts through Alan, meal vouchers through Swile, access to employee savings schemes, etc. In France, a permanent contract is particularly useful when buying a house and negotiating a mortgage with a bank.
But there are some compromises. Corporate contributions are deducted from your paycheck, and Jump itself costs €99 per month. But for freelancers, money is only part of the equation. We see a lot of freelancers who want the best of both worlds: freelancers and full-time employees. So far, the startup has managed to convince 2,000 freelancers to join Jump.
The startup recently launched a free offering for freelancers just starting out, which includes a free professional bank account with a virtual debit card that works with Apple Pay or Google Pay. There are also a few software features to help you bill your first clients, such as a built-in billing tool and a dashboard to track your financial performance.
“It’s very similar to how freelancers work: they often start out with a basic French freelance license, and then once they feel the limitations of that license and are earning enough, they switch to another license,” said Nicolas Payon (pictured above), Jump’s co-founder and CEO.
Jump currently serves software developers, data engineers, project managers, creative consultants, sports coaches, and more, and hopes to support more individual workers in the future.
For example, Fayon said it wants to support B2C sellers, such as “businesses that charge consumers through Stripe using online payments or physical payment terminals.” Jump also plans to expand to other countries, starting with its UK umbrella company for freelancers working in the UK.
