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The Antler Investor Memo Series: Bit.leave helps companies tackle excess leave and burnout

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Early stage investment firm Antler Australia recently supported 13 startups as part of its ongoing program to build great local tech companies. For six weeks, Startup Daily will share the details of each venture in the “Antler Investor Memos” series.

You can also meet the founders every Monday and Wednesday on the Startup Daily show at ausbiz.com.au.

This series is designed to give you a fast, a keen understanding of the startups and people involved, with many looking for follow-on capital after Antler’s initial pre-seed investment.

Company: Bit.leave

Date of incorporation: 2022

Operating phase: Preseed

founders: Brett Turley and Kushal Vaghani

Current investors: Antler, minimum viable product grants awarded by the NSW government

Currently increasing: Yes

Company

Due to the market conditions and the effects of the Covid-19 pandemic, companies are faced with excessive leave obligations, team burnout and employee turnover. treat this, Bit.leave has launched a benefits platform that automates the management of excess leave, optimizes organizations’ balance sheets and converts leave into a tradable currency.

The “leave-as-currency” solution helps companies retain top talent, predict departments at risk of burnout, immediately pay out excess leave and replacement time, and reduce balance sheet liabilities. And with the ability to quickly scale to new regions, regardless of industry and size of the organization, Bit.leave’s platform will help organizations solve this problem globally.

Antler investment thesis

“From the start, Brett and Kushal had an ambitious vision, the ability to build a product on a large scale, and an unwavering determination to create an entirely new category: ‘leaves as a currency,’” said Bede Moore. , Managing Partner of Antlers APAC.

“We see strong opportunities for Bit.leave to improve employee benefits, help organizations reduce burnout and empower employees to take control of their unused leave. The early traction from both customers and investors is evidence of this.”

Traction/milestones, so far

In the pre-product phase, Bit.leave has secured its first customers and 10 innovative accounting partners who are committed to the company’s vision and ability to improve working conditions. Bit.leave launched its closed beta this month and is quickly gearing up for a large-scale release in early 2023.

Bit.leave recently obtained Minimum Viable Product Grants awarded by the NSW government.

Due Diligence Resources

Explore Bit.Leave’s pitch video and investor deck via The Antler Portfolio Disclosure Platform.

Latest financing

Pre-Seed from Antler

Use of funds

Antler Australia’s initial investment will enable bit.leave to launch the beta version of its product and develop strategic partnerships to expand its initial customer base.

The founders say:

“In Australia alone, there is more than $29 billion in excess leave obligations. This affects an organization’s balance sheet and has a direct correlation with burnout and churn,” said Brett Turley, co-founder and CEO of Bit.leave.

“At Bit.leave, we are the only company in the world to convert leave into a tradable currency. With the ability to work alongside any HRIS system, our platform is compliant and scales quickly regardless of location, workforce and industry.”

“Without Antler, this would not have been possible. In January I met my co-founder Kushal and together we discovered the right problem and product to bring health and financial equality to the workplace. Ultimately, this led to the creation of Bit.leave.”

What’s next?

Antler, an early stage global VC, recently showcased its latest investments in ambitious Australian founders and startups. Bit.leave was one of Antler Australia’s newest portfolio companies.

Find out how Bit.leave optimizes leave, wellbeing and balance through the Antlers Portfolio Reveal Platform.

  • StartupDaily is Antler’s official media partner in Australia.

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