Instawork plans to use the funding in training and development for hourly professionals. Here are the top-line bullets you need to know.
Instawork, an on-demand staffing platform, has raised $60M in a Series C. The round drew participation from Spark Capital, SV Angel, Craft Ventures, and Google Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Instawork provides a flexible employment solution for businesses looking to hire hourly workers. Its digital marketplace connects tens of thousands of businesses to over 1M hourly workers across the United States. The company helps businesses in the food and beverage, hotel, and warehouse/logistics industries fill temporary and permanent employment openings across more than 25 cities in the US.
- Over the last 15 months, the startup has grown to include more than 1M workers on its network. In less than 2 years, the number of available shifts on Instawork’s platform has increased 8 times, with professionals finding work in less than 24 hours for shifts that pay an average of $18 per hour.
- Among its clients are Sodexo, Whim Hospitality, Farmstead, and EXE Logistics Solutions.
WHY DOES THE MARKET MATTER?
- The global workforce management software market is projected to grow at a CAGR of 6.38% and reach a value of $9.93B by 2026, according to Mordor Intelligence.
- The gig economy is experiencing exponential growth and is expected to generate $455B in billing in 2023, according to Statista.
- According to the Bureau of Labour Statistics, there are more than 73M hourly wage workers in the US.