Instawork, the leading digital marketplace connecting local businesses with qualified professionals across the U.S., announced it has raised $60 million in Series C financing, bringing total funding to $100 million. Craft Ventures led the round, with participation from Greylock, Corner Ventures, Four River Group, WndrCo, and Tilman Fertitta, owner of Landry’s and the Houston Rockets, alongside existing investors Benchmark, Spark Capital, GV, Burst Capital, and SV Angel. Craft General Partner, Jeff Fluhr will join Instawork’s board of directors.
With its office in Bengaluru, Instawork also has hiring plans in India and aims to double its workforce in the country in the next few months. Currently, India contributes about 35% in the company’s total employee base.
The new funding will allow Instawork to continue rapidly expanding into new markets, job categories, and industries, while also investing in more training and development initiatives to help hourly professionals advance their careers, the statement said.
“Our vision is to create the economic opportunities for local professionals and businesses that help everyone thrive. Balancing the demands of pandemic job recovery, security, and flexibility with the massive labor needs posed by a reopened economy has never been more important,” said Sumir Meghani, co-founder and CEO of Instawork. “We are proud that our marketplace has become the go-to solution to connect qualified professionals looking for work with the businesses that need them most, and we are grateful for the opportunity to invest more in our local communities to help them adapt to today’s evolving labor market and support broader economic recovery.”
“As vaccine distribution expands dramatically across the U.S., we are in the midst of the most rapid economic recovery in U.S. history. Every day we hear more news about businesses that can’t hire workers to meet the sharp rise in demand,” said Jeff Fluhr, General Partner at Craft Ventures. “Instawork has cracked the code for hiring flexible hourly workers: its seamless marketplace solves the problem that hospitality businesses, restaurants, warehouses, sports stadiums, and retail outlets have all been experiencing.”
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