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Meet Esop, a new software-as-a-service startup that helps companies manage equity incentives for employees in multiple countries. Aesop works especially well with startups looking to hire remote workers and provide equity.
If you’re working for a tech startup and you’re in charge of hiring, you know that finding the right candidate can be overwhelming — and even more so if you’re only looking for local candidates. That’s why many companies are now hiring remote workers. And the Covid-19 pandemic has contributed to this trend.
It’s also easier than ever to offer a local contract with some benefits to international workers who don’t live near the company’s headquarters. Startups like Dell, Oyster, and Remote Start allow you to expand your team across multiple countries without setting up a subsidiary in each new country.
And yet, that process creates new obstacles. For example, without a proper subsidiary, it is almost impossible to offer the same Employee Stock Ownership Plans (ESOP) to everyone.
There are some legal complexities as the regulatory framework varies from country to country. As for employees, they don’t know how to file their taxes. They may not even know the value of their support.
Aesop wants to create the same experience for all employees and contractors. It connects directly to popular cap table management services like Map and Pulley.
But Aesop doesn’t want to reinvent the wheel and replace those existing solutions. When an equity event occurs in Easop, it pulls equity data from those services and matches it with a map or pulley.
At the same time, Aesop is similar to HR information systems such as Dell, Oyster and Remote, with information about international employees, such as their country of residence and start date.
When Esop clients want to propose a new hire, they can draft grants in Esop and send them to the board for approval. ESOP ensures that the grant is in compliance with local regulations and tax laws.
Workers on the road can check the status of their aid by contacting Aesop’s website. And when a taxable event occurs, ESOP can generate forms for annual tax reports or, in some countries, integrate directly with local payroll systems.
Aesop has raised $2.5 million in seed funding led by Partech and Boldstart Ventures. Kima Ventures, eFounders partners Thibaud Elzière and Quentin Nickmans and several business angels participated in the round.
The idea is that Aesop should work for everyone in the company – people who work for the main company in the US, people who work in branches in other countries, and members of international teams who are dependent on an employer (EoR) such as Dell. .
And I think building the same platform for all is the right approach. If you’re trying to build a truly distributed team, you need to be able to use the same tools regardless of where you are.
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