Our Investment in Localyze
When I moved to the UK from the US, I went through the process of getting sponsored for a UK working visa — a very manual process that required dozens of emails, clarifications, phone calls, endless form filling, and unexpectedly, a lot of emotion. Any hiccup in the visa process would mean that my move to the UK would be jeopardized and my new job, which I was so excited to start, felt on the line. So the pressure was high, to say the least. Yet, I had little control or visibility over the process.
Then, once I got all my paperwork sorted and relocated, things like opening a bank account, getting the right references for my first apartment, and signing up for a phone contract without a UK credit history took weeks! The company’s HR team genuinely did their utmost to guide me, but they too were going through the process for the first time and had multiple demands on their time. Despite everyone’s best efforts and intentions, the process was costly, tedious, full of administrative burdens, and frankly, hugely stressful.
Enter Localyze, a Y-combinator-backed startup that I wish existed back then! Founded by three incredible women, Hanna, Lisa, and Franzi, who between them have lived in 20 different countries and have felt the pain of relocating first-hand, Localyze aims to simplify and digitize the laborious and costly process of employee relocation and internationalization. Localyze does this by streamlining the entire relocation process — from support with visa applications, work and residence permits to housing and banking in the destination country — and offering this as a SaaS for enterprises.
The solution is a software that maps out all the variables and pathways relating to the employee’s characteristics, such as their education level, nationality, family status, etc., builds a decision-tree-like algorithm, and matches them to the relevant legal and immigration requirements for their locations in an automated way. With customer-focused interfaces for both the HR manager as well as the relocating employee, its product is modern, intuitive, and modular, allowing Localyze to easily add new countries and truly provide a global solution.
In a world where hiring the right talent is critical and where companies must tap into a global talent pool, Localyze is a hugely relevant solution. The number of labor-related visas being issued in Europe is growing at an average of 10% year on year (Eurostat, 2021) with a similar trend being seen in NAM. In addition to more permanent relocations, 71% of millennials have expressed an interest in overseas assignments during their careers.
With Localyze, enterprises can focus on hiring the best people for their roles without feeling constrained by the administrative headache surrounding the relocation process. The relocating employees, who are making a huge life decision, can have a positive experience and feel secure and supported during their move.
Since closing their Series A a year ago, Localyze’s revenues have grown 6x, their customer base has more than tripled, the company is operating across 10 markets in Europe and the team has grown to 100 people. Our diligence showed an extremely delighted customer base, impressive growth, and an ambitious team, that was entirely dedicated to becoming a category leader in its space. To further its international expansion plans, Localyze is also acquiring TruPlan, a US-based startup in the HR space, as part of the funding round to help accelerate its entry into North America.
We are delighted to be participating in Localyze’s $35m Series B round, alongside General Catalyst, Frontline Ventures, and other prominent angels as they bring their solutions to more business in Europe and soon across the Atlantic.
