Reykjavik-based startup 50skills comes forward with its hiring system to make HR processes run more smoothly and now it has received 2.5 million euros in funding to expand across the globe. The Icelandic startup’s round was led by Frumtak Ventures, an early-stage-focused VC firm. With this capital boost, 50skills is planning to contribute to the digital transformation of HR systems on a global level. The startup company offers an all-in-one solution to automate hiring processes in one workspace.
50skills raises €2.5 million from Frumtak Ventures to transform employee onboarding
50skills, a leading Icelandic HR SaaS and new-hire onboarding solution, today announced it has secured €2.5 million in funding, led by Frumtak Ventures, a leading early-stage Icelandic VC firm. 50skills will leverage the fresh capital to scale its solution for global markets, beginning with high-turnover industries in the Nordics and UK.
50skills reduces the timeframe between onboarding and employees actively fulfilling their roles. It accomplishes this by centralising 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 organisations 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.”