NEW YORK (January 21, 2015) Work Market, the SaaS solution that helps companies find, engage, manage and pay their freelance and independent contractor workforce from a single platform, today announced that it has raised $20 million in growth capital. The investment was led by Union Square Ventures, with participation by Spark Capital, SoftBank Capital, Industry Ventures and Silicon Valley Bank.
“Union Square Ventures invests in pioneering companies that show the potential to truly disrupt the status quo; we see tremendous opportunity for Work Market to transform the way enterprises leverage the on-demand labor economy,” said Fred Wilson, co-founder of Union Square Ventures and a member of Work Market’s board of directors. “With new CEO Stephen DeWitt at the helm, the company is in prime position to drive rapid growth and further differentiate itself as the top freelance worker management platform on the market.”
The number of freelance workers is projected to outgrow the number of full-time workers by 2020. Work Market closes the gap between companies and freelancers, giving employers access to the qualified talent they need to advance their goals and the freelance labor force better tools with which to connect with work. As a result, since welcoming its first customer in 2011, Work Market has grown more than 125% annually.
“Businesses of all sizes are grappling with the need to identify and implement freelance management systems and Work Market has the solution,” said Stephen DeWitt, CEO of Work Market. “This round of funding will allow us to accelerate our investment in R&D and go to market capabilities. It will also support the expansion of the Work Market marketplace and help us grow the community.”
“As attitudes toward work evolve and more individuals demand greater control over how they work, the need for an effective solution to manage this changing landscape is clear,” said Jordan Levy, General Partner of SoftBank Capital. “Work Market remains ahead of the curve of this ongoing labor evolution, recognizing the need for a new approach and delivering a robust, end-to-end solution to solve those challenges. Softbank is pleased to partner with this innovative company and ensure it remains the industry leader in freelance workforce management.”
“As one of the original investors in Work Market, we recognized the company’s promise in transforming the labor market,” said Mo Koyfman, General Partner of Spark Capital. “With its cutting-edge freelance management platform, Work Market is carrying out that mission and defining a new category in the industry. As the company continues its rapid growth trajectory and brings new innovations to market, we are eager to support its expansion and ongoing success.”
“We are excited to be joining the investor group in support of Work Market,” said Hans Swildens, CEO and Founder of Industry Ventures. “We have a great deal of passion in and understanding of the labor transformation that is rolling across the enterprise. Work Market has done a great job in bringing a critical solution to market, and we look forward to helping them expand their reach in the years ahead.”
“Silicon Valley Bank is excited to be partnering with Work Market, providing a debt facility and helping this innovative company accelerate its growth,” said Bonnie Ryan, Director of Silicon Valley Bank in New York. “As the labor market continues to transform, Work Market is on the forefront with its freelance worker platform, bringing a new approach to collaboration between employers and workers.”
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