Freelance Platform WorkGenius Raises Another $7 Million

hr tech funding news
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WorkGenius provides the only end-to-end technology solution for mid-size and enterprise companies to source, manage and pay freelancers. 40% of the US workforce will be set to be freelancing by 2025 and only 8% of organisations have the technology to manage them. The company was founded in Hamburg, Germany and expanded to the US with offices in NYC in 2017.

  • existing investors increase investment to more than $20M in total funding
  • funding takes company to break even in 2021
  • account growth and account profitability allow for sustainable scaling

NEW YORK and HAMBURG, Germany, Feb. 24, 2020 /PRNewswire/ — WorkGenius announces another funding round of $7MM to take the company to profitability in 2021.Existing investors Axel Sven Springer, grand son of publisher Axel Springer, John Jahr, grand son of publisher John Jahr and Oliver Heine, member of Axel Springer’s advisory board lead this round.

“Freelancing is booming, our client retention and account growth ensure profitability and our sales efficacy improved substantially which earned us the continued support from our investors.” – Marlon Rosenzweig, CEO and Co-Founder

Freelancing is a $4 trillion dollar industry globally and more companies are creating processes to embrace freelancers into their workforce strategies. Only 8% of companies have existing processes in place according to Deloitte. WorkGenius provides a technology platform that allows companies to manage the process from end-to-end rather than utilising several solution providers.

Workgenius’ expanded its product offering to allow clients to manage existing freelance relationships through the platform. It further strengthened its matching capabilities that analyse more than 5bn data points before matching the right freelancer to a project. Enhanced collaboration tools allow companies and freelancers to work together more seamlessly – even on larger projects.

“With a robust product, serving thousands of satisfied clients and a strong management team we have aggressive growth plans while aiming for a break even in 2021.” – Daniel Barke, CEO and Co-Founder

The efficacy of the sales teams in both countries has substantially increased, which allows client accounts to be profitable from day one. Those dynamics and a continued growth in the freelance market globally, supported the decision to take on additional funding.

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