Automated tip pooling and tronc platform Grateful has raised £1.5m in seed funding from Calculus Capital.
The funding might be used to speed up fintech and cash administration instruments for Grateful’s customers, improve AI product improvement, additional bolster compliance performance and increase into new markets.
Based in 2022 by Mason Potter, Jarrod Potter and Damian Man, the trio began Grateful after visiting the US and seeing how well-managed tipping might enhance staff motivation and efficiency.
After preliminary testing with pilot purchasers, the staff got down to remedy the rising issues that operators face together with admin administration, working inside complicated Excel sheets for tip pooling, and rising Nationwide Insurance coverage prices for employer-received suggestions.
Grateful goals to convey transparency, belief and possession again to the frontline employees, utilizing tech to streamline operational efficiencies for operators in historically time-poor service industries.
“Frontline employees are the spine of the service financial system, but they continue to be under-served by outdated techniques that make tipping opaque, distribution sluggish and compliance a headache for employers,” says Mason Potter, cofounder and CEO at Grateful.
“With the shift to a cashless society and the introduction of the Employment (Allocation of Suggestions) Act 2023, companies are underneath rising stress to handle suggestions pretty and transparently, whereas employees wrestle to make their earnings go additional. Our mission is easy: to make Grateful synonymous with gratitude for the gig financial system and create an organization that transforms how frontline employees are rewarded within the trendy period.”
Over 50,000 persons are on the platform to date, with Grateful integrating expertise companions together with Toast, EposNow, Deputy and PayCaptain.
“We’re delighted to assist Grateful and its distinctive administration staff with this £1.5m funding as they remodel the best way the hospitality business handles tipping and tronc administration,” says Alexander Crawford, co-head of investments at Calculus Capital.
“Grateful’s platform brings equity, transparency and compliance in a cost-efficient option to an area that has traditionally lacked all three. With new laws driving change, Grateful is completely positioned to paved the way in guaranteeing each hospitality employee will get the information they deserve, and we’re proud to be a part of that journey.”
