We advised the pan-European fintech startup, Salto X, on raising EUR 5.2 million in order to introduce its Incentive Tokens Plans to companies wanting to retain and recruit quality talent.
The seed funding round was led by ByFounders and Blockwall. New York-based Box Group, crypto fintech 3Commas, and angels such as Liu Jiang (ex-Sequoia GP) & Alex Gluchkowski (Founder of ZkSync) also joined the round.
Helping to retain talent
Salto X, founded in 2021, is on a mission to build a remote-friendly alternative to stock options for European companies. The aim is that by doing so, they can provide a solution to retain talent globally amidst an uncertain economic climate and an increasing talent and skills shortage.
Salto X is building a mechanism that gives transparent access to equity compensation to contributors regardless of geography. The process is streamlined via blockchain technology and contributors receive NFT certificates for the cliff period. The smart contract automatically and continuously executes token transfers upon vesting. These tokens can be cashed out in case of full or partial exit, or sold to other parties after vesting. This creates much-needed liquidity without the company needing to exit with an IPO or a sale.
The founding team of Salto X Krists Avots, Ragnar Sass, Tanya Chaikovska, and Elise Sass bring vast entrepreneurial experience to the venture, each bringing individual investment and community-building backgrounds. Ragnar Sass is the co-founder of unicorn startup Pipedrive, where he saw first-hand the difficulty of managing stock options internationally.