Fintech All Gravy raises seed round of €3.2 million

Copenhagen based fintech startup Whole sauce announced that it has raised a €3.2 million seed round for its “people operating system” for the retail and hospitality sectors.

The starting round was led by Moonfire, Founders, Upfin and Nordic Web Ventures and a wealth of experience from angels including Bradley Horowitz (Global VP of Products, Google) and Phil Chambers (CEO, Peakon), Therese Hoogaard (Partner, Atomico), Dan Wynn (CTO, Deliveroo), Carolyn Helm (Head of Marketing, Voi) and Dorte Bregnhoy (Global Vice President and Head of Talent, Bain & Co).

All Gravy was founded in 2020 by Jonathan Rasmussen and Christian Lundager in Copenhagen to combat the problem of high staff turnover in the retail and hospitality sectors by creating a tool to give employees more choice, instant pay and incentives. It is aimed at hourly wage workers.

The UK’s hospitality and retail markets are calling the shots as they struggle to stabilize following the problems caused by Brexit and Covid on their workforce. Restaurants and stores have run out of staff or are struggling to retain staff. All Gravy’s People OS Tool hopes to solve this problem.

Fintech claims 20% more shifts per employee are taken, has 15% increased retention and increased ability to attract talent with instant access to salaries earned with its fintech tool.

“The All Gravy people operating system works as a workforce optimization tool. It provides a combination of qualitative and quantitative insights, enabling HR or the operations team to make strategic decisions rather than simply putting out fires – our customers tell us that what is in the best interests of employees is in the best interests to the employer – everyone can win,” said CEO Jonathan Rasmussen.

All Gravy has signed up with over 150 restaurants to date and counts McDonalds among its client list.

“Employers in the sector typically lack the tools to understand attrition rates, sentiment and support employee engagement. They don’t know when or why people leave. That’s one of the things that All Gravy analytics solves,” said CTO Christian Lundager.

The funding will also help build the product suite and accelerate growth in Denmark and Sweden.

“All Gravy could revolutionize the way millions of hourly workers work. With the labor shortages we’re seeing in hospitality and retail, capturing, retaining and understanding data about your employees is business critical. We are thrilled to partner with All Gravy,” said Matthias Ljungmann, Founding Partner at Moonfire.