12 hours ago
Exclusive: Base10 leads €25M round for Italian HR startup Jet HR
Jet HR, a Milan-based platform serving small and midsized enterprises, raised €25 million in funding led by Base10 Partners, founder Marco Ogliengo tells Axios exclusively.
Why it matters: There is increased investor appetite for vertical SaaS solutions tailored to regional markets with high regulatory complexity.
How it works: Jet HR provides an all-in-one payroll and HR platform that is specifically designed to navigate Italy's complex payroll regulations.
It integrates with over 600 government entities and offers modules for payroll, health and safety course management, VAT account management, shift scheduling, and time and attendance tracking.
The big picture: Italy's payroll processing market is notably expensive and complex, averaging over €30 per employee per month compared to about $6 for U.S.-based payroll services.
Jet HR is betting that its digital-first platform and simplified regulatory management give it an edge over legacy incumbents like Zucchetti and TeamSystem, which Ogliengo says rely more heavily on manual processes.
By the numbers: The startup says it grew its annual recurring revenue 6x in 2024 and serves more than 700 customers, primarily SMEs with an average of around 15 employees.
Context: Before Jet HR, Ogliengo founded ProntoPro, a marketplace for local service professionals — like a Thumbtack for Italy.
Zoom in: Since its founding in December 2022, Jet has raised about €42 million from investors that include Exor Ventures, Italian Founders Fund, and Picus Capital.
Ogliengo notes the company was close to breaking even without the additional funding, but "having more capital now increases our optionality significantly," he says.
Between the lines: The round marks Base10's first investment in Italy, reflecting a growing interest in under-invested European markets.
"We were already very well networked across Europe through our existing investors. The first thing Base10 brings is the U.S. network. Moreover, Base10 is specialized in vertical SaaS and payroll and accounting," Ogliengo says.
Along with the funding, Base10's Adeyemi Ajao — founder of Tuenti and former investor in Stripe, Nubank, and Cabify — will join Jet HR's board.
What's next: Jet HR plans to double its team in the next 18 months, primarily investing in software engineering and product development.
