Digital infrastructure and AI-powered expert system to help SMEs understand immigration requirements and maintain legal compliance for their international employees.
Traction and Ask
With €8k net monthly revenues in the last 3 months (76% MoM growth since launching beta in April 2023) and 16 companies / 92 customers (in the tech/engineering and restaurant industries), Emigreat is now looking to raise €250k pre-seed funding. The ideal investor would have expertise in HR, legal-tech and machine learning, and in scaling in the Nordics market. The investment is needed to:
- Develop API integrations for other HR platforms, strengthen Swedish market, and strategize entry to Spain and Portugal.
- Reach 900 more customers and €30k net monthly revenues by Q3 2024.
- Strengthen the team with 1 new hire in product development (senior developer with the potential to become CTO) and 1 in sales (with a background in B2B SaaS sales).
Market, Business Model, Financials and Team
Founded in 2021 in Gothenburg, Emigreat is poised to capture a significant share of the global relocation market worth €37bn by 2027 (+3.12% CAGR/Year).
Emigreat is monetizing through SaaS and transaction fees charged to SMEs in the tech and engineering sectors, with research into potential ICP as blue collar/gig economy industry. Revenue growth is projected at 5x YoY (breakeven in Q4 2024), reaching €200k ARR by Q4 2025.
Emigreat’s team of 5 (2 full-time co-founders, 3 full-time employees), with 85% (80% after this round’s share issue) total ownership and €1M previous exits, combines several decades of managerial, sales, international business development, and natural language processing expertise.
Key USPs versus competitors like Localyze, Jobbatical, and traditional relocation agencies are: automated and personalized legal compliance recommendations, no-code process builder for service providers, and a two-sided marketplace to connect relocation service providers on one platform.
At a €6M pre-money valuation, Emigreat aims to close this pre-seed round by February 15, 2024. Some angel and follow-up investors have already committed to join with €50k. The minimum investment ticket size is €25k.
Emigreat has previously raised €300k in private capital (€190k in equity and €110k in convertible loans) in 2023 from Friends & Family, angel investors, and Techstars to develop its MVP and validate the product market fit, which means that, after this investment round is secured, Emigreat is fully ready for international commercial uptake.
Get in Touch
Saaya Sorrells-Weatherford, cofounder and co-CEO, and the other founders are speaking with potential investors over the next few weeks and are keen to pitch, demo and open up their KPIs and financial plans in detail.