Creating a New World For On-Demand Work — the What & the Why of Our Investment in Sumpli
After some quality time spent working on new investments and helping out (g)oldies in our portfolio, we are delighted to make our sixth investment public. Meet Sumpli, the app for jobs and gigs in the service industry that allows workers to find new adventures from restaurants, cafes, bars, and events in the Nordics — where and when one wants.
What Are They Building?
Looking for new opportunities? Interested in flexible gigs and extra income? Being a smarter way to recruit and hire full-time staff and professional extras, Sumpli finds professionals in the service industry who are looking for new opportunities, even just brief ones.
Simply put, Sumpli is creating a digital matchmaking platform for the new generation of employers and employees. Enabling fast recruitment, on-demand jobs in selected locations, instant payroll services and transparent payments, Sumpli takes the working world to a whole different level. Having an all-in-one service working on mobile, the team is bringing the fastest on-demand job platform to the market.
“The world changes, and employment services have to follow the changes as well. The new generation is used to operating most daily services on mobile, and we address this need by bringing an all-in-one app to the working world, taking care of a lot of time consuming bureaucracy in the middle. Opportunities and the workforce need to find each other as fast as possible, and payments have to happen instantly and needless to say, transparently,” says the team Sumpli. “We call this the new on-demand working culture.”
Why We Invested?
Starting from the restaurant industry in Finland and planning on expanding to other Nordic countries later on, Sumpli and their on-demand staffing service helps restaurants to cope with the huge variance in the required amount of gig staff. That is, the current alternatives of either manual staffing or recruiting agencies cannot provide enough easy-to-use, scalable and cost-efficient solutions that would satisfy both parties of the employment.
What makes the case highly attractive from a financial standpoint is that in Finland only the service sector wages amount up to 2,3B€ in total, and 30 to 50% of the personnel gaining these salaries are the exact temporary gig workers the solution is aimed at attracting. This said, while being strong fans of the team’s go-to-market and their tight focus on the restaurants, the same concept could later on be applied to other fields of services, too, targeting a h-u-g-e potential market. What is more, Sumpli is already showcasing great progress in solving the classical chicken-egg problem of any two-sided marketplace: the app that is now live on App store and Google Play is boasting a broad selection of Finnish high-end restaurants, which we find to be the more difficult side to onboard to this two-sided market.
Starting to appear as Wave Ventures’ mantra, the “why” of our investment cannot of course really be explicated without giving a shoutout to people involved in the deal: Elias Nygren (CEO) Mehdi Younes (Business Development), Nikolas Holm (Product & Design) and Hanna Toivonen (CMO) make up a team that is a brilliant mixture of industry expertise, tech talent and entrepreneurial spirit.
Excited also to share the news on a new 70M€ Helsinki-based VC fund that was just this week officially launched and is a proud co-investor in Sumpli: Maki.vc. Having Ilkka Kivimäki, Founding Partner of Maki.vc (previously Partner at Inventure), onboard in Sumpli’s first round of financing and knowing his strong experience of marketplaces such as Wolt, it is hard not to think of having a winning composition of bright and nice minds coming together in the case of Sumpli.
#Makeitwork #Sumplithebest #Shifthappens. Download the Sumpli app now or read more of what they are doing at sumpli.com. And do remember: whether you have comments on the post, need feedback for your idea or seek funding for your venture, we are looking forward to hearing from you at email@example.com!