Reykjavik, Iceland – 50skills, a leading Icelandic HR SaaS and new-hire onboarding solution, has secured €2.5 million ($2.59 million) in funding to scale its solution for global markets, beginning with high-turnover industries in the Nordics and UK. The fundraising was led by Frumtak Ventures, a leading early-stage Icelandic VC firm.
50skills reduces the timeframe between onboarding and employees actively fulfilling their roles. It accomplishes this by centralizing employee data, eliminating repetitive data entry tasks across multiple systems and integrating with the tools and services employers already use. For example, tasks such as creating and signing new hire paperwork, triggering required video lessons in a Learning Management Solution, or adding new hires to a payroll and other Human Resources systems. 50skills also enables HR and onboarding teams to easily create new user profiles, from within 50skills, for their new hires on the productivity tools their organisation uses such as Slack, Asana and Jira, among others.
“Having spent years in the recruitment and innovation sectors, we have zero’d in on solving one of the largest issues that HR teams face in high-turnover industries like Retail, Hospitality, Tech and Transportation: the friction between the onboarding process and a department manager’s need to quickly get their new hires performing in their roles,” says Kristjan Kristjansson, Co-founder & CEO of 50skills. “As people change jobs faster than ever before in these sectors, it creates infinitely more demand on HR teams. Our objective is to bring the right onboarding processes and tools to help employers adapt to this demand.”
The company already has employees at customer organizations using the platform across over 20 countries and works with brand name employers in Iceland such as Icelandair, PLAY Airlines, Securitas, IKEA, Vodafone, Enterprise Rent-A-Car and Domino’s.
“Frumtak seeks out the founders and teams solving real-world challenges across industry and society,” said Svana Gunnarsdottir, Managing Partner, Frumtak Ventures. “50skills has found a solution to a significant obstacle that plagues HR departments globally, while simultaneously positioning these HR departments, and their new employees, to successfully navigate remote work and digital transformation.”
50skills is a HR software company focused on providing efficient technology solutions for enterprise employers in high-turnover industries. 50skills streamlines onboarding processes, creating tools and services, leveraging the 50skills team’s depth of experience in the recruiting, HR and innovation sectors. For more info, visit 50skills.com.