Summary:
Rajeev Behera launches Every, an all-in-one HR startup aimed at early-stage tech companies.
Every raised $22.5 million in Series A funding, attracting attention from major investors.
The startup offers free incorporation services and a suite of HR tools, aiming to simplify the startup experience.
Every targets companies with fewer than 200 employees, supporting their growth during the critical early years.
Leveraging Y Combinator connections, Every has quickly built a customer base and gained traction in a competitive market.
The Birth of Every
Rajeev Behera’s innovative all-in-one HR startup, dubbed Every, is stirring debate in the tech community. Is it a brilliant idea or just crazy?
Market Challenges
The HR software market is saturated with competitors like Gusto, Rippling, and Deel. Despite this, Every has made a bold move by raising $22.5 million in Series A funding, led by Redpoint Ventures and supported by Y Combinator and others.
Unique Approach
Every targets early-stage tech startups, offering free incorporation services and setting them up with business bank accounts. The business model relies on monthly SaaS fees for additional services, creating a seamless experience for startups. Behera emphasizes, "We spent all this time building pretty advanced expense management, banking, payroll, all that stuff. Now we will release incorporation for founders, and we’re going to just give it away for free."
Comprehensive Services
After a quick onboarding session, startups gain access to an integrated suite that includes banking, payroll, HR onboarding, bookkeeping, and compliance. Customers also benefit from a Slack channel to connect with fellow founders.
Target Market
Every focuses on startups with fewer than 200 employees, intending to support them through their first five years. Interestingly, Behera anticipates that many customers will eventually outgrow Every, paving the way for the company to evolve into a growth-stage fintech.
The Y Combinator Connection
Every’s participation in the Summer 2023 Y Combinator cohort has facilitated its growth. Behera, a seasoned entrepreneur with a successful exit from Reflektive, has leveraged his connections within the Y Combinator network to build a customer base, with half of its 150 customers coming from this ecosystem.
Competitive Landscape
Despite Every's advantages, it faces direct competition from other Y Combinator alumni like Rippling, Brex, and Gusto. Behera's previous experience and connections in the startup world position him well, but the competition remains fierce.
Future Plans
With the latest funding, Every plans to expand its engineering team and continue offering free services to attract startups. Behera is committed to building the company's proprietary HR and banking products from scratch, ensuring Every stands out in the crowded market.
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