San Francisco, USA-based provider of a platform for connecting businesses with skilled hourly workers, Instawork raised USD 60 million in Series D financing. The round took place on May 18, 2023. TCV led the financing for the company. Meanwhile, new investor 9Yards Capital, Larry Fitzgerald Jr., joined in the round. Besides, existing investors such as Benchmark, Spark Capital, Craft Ventures, and Greylock participated in the Series D round.
So far, the company’s total financing stands at USD 160 million.
Purpose of financing for Instawork
With the latest financing, Instawork seeks to accelerate investment in its AI-powered mobile app and platform that connects more than 4 million skilled hourly workers with tens of thousands of businesses.
Instawork also intends to invest in additional AI-driven capabilities to connect its partners with workers who both have the right skills to be successful and who reliably show up on time. In addition, Instawork has plans to release new self-serve features, including user-friendly tools to post shifts in seconds, and custom, data-powered interfaces for easy workforce management.
What the company’s official has to say
Sumir Meghani, Co-founder and CEO, said, “Deploying artificial intelligence to a rich database of signals about the hourly labour force is revolutionizing how businesses connect with the skilled workers they need. Instawork allows businesses to streamline their staffing process, reduce costs, and focus on their top priorities. We provide businesses with a flexible and reliable solution for finding skilled workers while also empowering local workers to choose the work that best fits their skills and interests.”
What the investor has to say
Gautam Gupta, TCV General Partner, further said, “The current ways businesses access labour is fragmented, manual, and under-penetrated by technology. Similar to other category-defining technology companies with which TCV has partnered, we believe Instawork is dramatically changing its industry by using technology and data to connect businesses with the skilled workers they need.”
Saureen Shah and Sumir Meghani launched the company in 2016. The USA-based company is a leading flexible work app for local, hourly workers. Its digital marketplace connects thousands of businesses and more than four million workers, filling a critical role in local economies.
Instawork achieved 15 times growth over the past two years, and more than 2 million workers joined the app over the last year alone. Fueled by this growth, Instawork is helping staff distribution centres for some of the country’s largest retailers as well as the majority of sports stadiums across the U.S. and Canada.
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