Jump, a French startup, aims to disrupt the umbrella company market, which offers an alternative to typical freelance work. They can recruit people on long-term contracts to provide them the security and benefits that come with working full-time. Workers, on the other hand, retain their autonomy; they can work for several customers and negotiate their own contracts.
What distinguishes Jump from other players in the sector is that it is far less expensive and more automated. Jump allows you to register an account and send your first invoice without having to speak with anyone at the company. You may start asking your clients to pay Jump instead of paying you directly after you have signed up. You may access your outstanding bills and the balance on your Jump account at any moment.
Customers may then print pay stubs and get a paycheck. You are also enrolled with the national healthcare system and begin saving for your retirement because it is a typical French permanent contract. If things with your customer are not going well, you might ask to have the contract terminated and get unemployment compensation. Index Ventures led a $4.5 million (€4 million) seed investment for the startup. Nicolas Brusson, Hanno Renner, Laurent Ritter, and Thibaud Elziere, as well as Kima Ventures and 16 angel investors, took part in the round.
Umbrella firms often take a percentage of your annual revenue. Pricing varies, but it may be as low as 5%, 7%, or even 10% in some cases. For example, Nicolas Fayon, co-founder and CEO of Jump, used to work for ITG, which takes a 6% to 8% cut of your income. You may also pay ITG an extra 2% to control your costs and, as a result, improve your pay.
Jump presently has a monthly subscription price of €79 (about $89). Customers may then use third-party services like Axa’s professional and personal life insurance, Alan’s health insurance, Malt, Talent.io, and LeGratin’s freelancing markets, and other miscellaneous services like Simbel, Secret, or HelloPrêt.
Jump has worked with hundreds of freelancers so far. To date, they have invoiced €3 million. Many freelancers, such as developers, real estate brokers, and drivers, may gain from such a product. I also feel that umbrella firms have a large market possibility; they might be especially beneficial for persons working remotely for foreign corporations that do not wish to register a subsidiary in France.