Freelance management platform Stoke

Tel Aviv-based Stoke, a remote teams and freelance management platform that makes it easy for companies to work with independent contractors, raised US$ 15.5 million in a Series A funding round on 10 June 2021.

Investors: The funding round was led by Battery Ventures, with participation from previous investors and angels including TLV Partners, Dynamic and Loop. Stoke has raised US$ 20 million to date.

Purpose of the funding: The funds raised will be utilized by the company to drive its expansion growth and meet the rapidly growing demand from U.S. companies seeking effective work in the changing workforce, including freelancers and full-time employees.

About Stoke

Stoke

Founded in 2019 by Hilik Paz and Shahar Erez, Stoke is a freelance management system (FMS) that makes it easy for companies to work with independent contractors by reducing the hassle of hiring, onboarding, tracking and managing invoices. It also ensures full legal and tax compliance. It aims to help companies to harness the power of the freelance revolution by simplifying the way they collaborate with freelancers, contractors, consultants, agencies and gig workers. Projections show that the freelance workforce is expected to grow to over 50% of the total U.S workforce by 2027.

Gig working has become even more prominent due to COVID-19, as companies have realized the need for added agility and flexibility. Stock claims that in the first quarter of 2021, it more than doubled its customer base and tripled its total revenue. Some of its customers include unicorns like TripActions, SimilarWeb and Scale.ai among others.

What the CEO has to say: “The way we do business has changed, the talent we choose to work with needs to change with it. But we can’t expect it when neither side has yet had the proper support. These funds will follow us as we build out our own category and cement a single source of truth for business leaders to manage any and every aspect of freelance talent overhead, and to help them securely leverage the most dynamic kind of workforce.” — Shahar Erez, CEO and Co-founder of Stoke.

What the investors have to say: “At Battery, we’ve made many investments around the future of work. But we believe the comprehensive solution Stoke is building to help companies manage their growing networks of freelancers and independent contractors is really unique and is obviously very relevant today. Having one tool that can source, onboard, manage, pay and ensure compliance with this extended workforce helps companies become more productive and stay agile without adding risk. We are thrilled to partner with the team and look forward to helping Stoke scale its operations, including in the U.S., in the months and years to come.” — Itzik Parnafes, General Partner, Battery Ventures.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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