Jump, a French startup that offers a modern take on the umbrella company concept, has raised €11 million (about $12 million at current exchange rates) in a Series A funding round.
Jump offers full-time contracts to freelancers looking for the stability and benefits that come with full-time work. The company acts only as a managing partner, while workers remain independent. They can work with multiple clients and negotiate contracts directly.
Today's funding round was led by Breega, with participation from Index Ventures and Raise Ventures. The startup raised €4 million (about $4.5 million) in 2021.
After signing up, freelancers can invoice clients through Jump's platform and generate payslips and get paid at the end of the month. This feature alone means freelancers can set their own pay rates throughout the year, even during the slower summer months.
Workers with permanent contracts are also registered with the National Health Insurance and can contribute to the national pension system. Jump offers a range of services, including health insurance contracts via Alan, meal vouchers via Swile, and access to an employee savings scheme. In France, permanent contracts are also particularly useful when you are looking to buy a home and are negotiating a mortgage with the bank.
There are some trade-offs, though: Company contributions are deducted from paychecks, and Jump itself costs 99 euros per month. But for freelancers, money is only part of the equation. We believe there are many freelancers out there who want the best of both worlds: freelancing and full-time employment. So far, the startup has successfully convinced 2,000 freelancers to switch to Jump.
The startup also recently launched free services for freelancers just starting out, including a free professional bank account with a virtual debit card that works with Apple Pay or Google Pay, as well as some software features to help you bill your first clients, including a built-in invoicing tool and a dashboard to track your financial performance.
“This is pretty much how freelancers work: they usually start with a basic French freelancer status, then when they feel the limitations of their freelance status and earn enough, they switch to another status,” said Jump co-founder and CEO Nicolas Fayon (pictured above).
Jump currently caters to software developers, data engineers, project managers, creative consultants, sports coaches and more, but hopes to support more independent workers in the future.
For example, the company wants to support B2C merchants such as “companies that bill consumers through Stripe, either online or via physical payment terminals,” Fayon said. Jump plans to start with a U.K.-based company catering to freelancers working in the U.K., before expanding to other countries.