Nowsta plans to use the funds to scale across 25 new US markets and double its headcount. Here are the top-line bullets you need to know.
Nowsta, a workforce management software provider, has raised $41M in a Series B that drew participation from GreatPoint Ventures, VMG Catalyst, and Rally Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Nowsta’s on-demand labor marketplace connects employers and skilled workers and provides tools to hire, manage, and pay hourly workers.
- The company’s technology manages over 300K workers every month across 600+ employers.
- Nowsta‘s revenue numbers are expected to grow 3-5x in 2022.
- Clients include Marriott, Garces, Footers, and Aramark, among others.
- Nowsta currently has 68 employees.
WHY DOES THE MARKET MATTER?
- The global workforce management software market is expected to reach a value of $10.6B by 2027, growing at a CAGR of 7.82%, according to Renub Research.
- The retail, education, healthcare, BFSI, manufacturing, and TMT industries have been increasingly adopting this technology in order to expedite operations and cut costs.
- The current labor shortage has increased the demand for solutions to connect employers with prospective employees.
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