San Francisco based Instawork, the leading platform for connecting businesses with skilled hourly workers, has announced that it has raised $60 million in a Series D funding round led by TCV. The round also included participation from new investors 9Yards Capital and Larry Fitzgerald Jr., as well as existing investors Benchmark, Spark Capital, Craft Ventures, and Greylock.
With this new funding, Instawork plans to accelerate investment in its AI-powered mobile app and platform, which connects over 4 million skilled hourly workers with tens of thousands of businesses. Instawork’s platform helps businesses easily find and hire skilled hourly workers, and it helps workers find and work shifts that fit their schedules.
Instawork has seen record growth in recent years, despite the economic challenges and uncertainty facing the country. In the past two years, Instawork has grown 15x, and more than 2 million workers have joined the app in the past year alone. Instawork is now helping staff distribution centers for some of the country’s largest retailers, as well as the majority of sports stadiums across the U.S. and Canada.
“We are excited to partner with TCV and our other new and existing investors to continue our mission of making work more flexible and rewarding for everyone,” said Sumir Meghani, co-founder and CEO of Instawork. “This funding will allow us to accelerate our investment in AI and machine learning, which will help us better match businesses with the skilled workers they need, and help workers find the shifts that fit their schedules and lives.”
Instawork is a valuable resource for businesses and workers alike. For businesses, Instawork provides a convenient and efficient way to find and hire skilled hourly workers. For workers, Instawork provides the flexibility to work when and where they want, and to earn extra money on their own terms.
Instawork will 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 will be releasing new self-serve features, including user-friendly tools to post shifts in seconds, and custom, data-powered interfaces for easy workforce management.
“The current ways businesses access labor is fragmented, manual, and under penetrated by technology,” said Gautam Gupta, TCV General Partner. “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.”
Instawork will use the most recent funding round to provide the platform’s more than 4 million workers access to unique training and certification opportunities to unlock work for users who are not eligible for certain shifts due to a current lack of certification or if they wish to highlight their certifications outside of the Instawork platform. In addition, a new Instawork debit card is available to qualifying users and services the unique needs of the flexible workforce, such as access to instant pay.
