shiftsmart, a New York workforce management resource, secured a $95 million investment in Serie B for its workforce management software that matches hourly workers on open shifts across a variety of industry verticals and roles.
Since its formation in 2015, the company has amassed a network of more than 500.000 workers in more than 50 countries who have flexibility and control over where they work, how long they work and how quickly they can be paid, while companies can customize their needs. staff and reduce turnover.
"On the demand side, there were already different pieces in place, but on the supply side, the workers, there was a huge degree of innovation," said Aakash Kumar, founder and CEO of shiftsmart. “We're making it easy for you to create a profile, switch to an app, and work whenever you want. The economy was based on point-to-point logistics, but the ability to control your own schedule is something we're going to expand on."
The latest round of funding gives shiftsmart 117 million in total investments. D1 Capital led this round with participation from Imaginary Ventures, Spieker Partners, Oakridge Management Group and S12F, along with various industry executives and institutions.
Jeff Leventhal, managing partner of S12F, said he believes in empowering workers and how they are treated and commented that this approach to shiftsmart It not only gave workers flexibility in their day-to-day life, but also many opportunities to work for different companies and in different roles.
“One of the hard things to get right is the user experience, but shiftsmart is setting a high bar,” he added. “The company enters in an exceptionally correct way. It is difficult to create markets and make them work, but the technology of shiftsmart it is meant to be flexible for both the company and the employee.”
shiftsmart has a client list that includes Circle K, Humana, Deloitte, Airbnb and the Small Business Administration. The company raised venture capital about three years ago, but as revenue continued to double or triple each year, Kumar said the time had come to consider another round, especially in recent times when companies are facing labor shortages. .
"We help companies expand the overall size of their market by dividing work at the shift level," he added. “Your odds of finding someone who works a three-hour shift multiple times a week are going to be much higher than finding someone willing to sign up for 40 hours a week and get paid every two weeks.”
The new funding will go toward scaling verticals, including audit and contracts, retail and global logistics, and launching new verticals such as healthcare. The company will also make additional hires. It currently has 60 employees, which represents a significant increase from the 30 people a year ago.
Much of the technology developed for staffing focused on knowledge workers, but several companies like shiftsmart, focused on hourly workers, have also received investor attention in the latter stages mostly influenced by the effects of COVID.
For example, in November, the messaging platform for shift records when i work closed in a big round: 200 million, while Fountain raised 85 million and seasoned got 18,7 million for its tool for restaurant workers. Other investments include Homebase, which raised $71 million earlier this year, and Workiz, which focuses on home professionals, with 13 million.
With all that competition, as well as companies managing hourly workers in-house, Kumar said the differentiator of shiftsmart was how you partner with your clients, who can use the workforce platform of shiftsmart or with your own.
“It is an exciting time for the business and the global labor shortage has made it critical,” he added. "Our primary focus is how to scale operations so we can absorb demand and create more unique experiences for workers as we learn more about their behaviors."
