[Funding alert] Instawork raises $60M in Series C round to expand work marketplace
With its office in Bengaluru, Instawork also has hiring plans for India and aims to double its workforce in the country in the next few months.
Flexible staffing solution provider Instawork recently said it raised $60 million in Series C financing led by Craft Ventures for expanding into new markets and job categories. With this, Instawork has raised a total fund of $100 million, the company said in a statement.
Jeff Fluhr, Partner, Craft General, will also join Instawork's board of directors.
Other investors, including Greylock, Corner Ventures, Four River Group, WndrCo, and Tilman Fertitta (Owner of Landry's and the Houston Rockets), also participated in this round, along with the existing investors — Benchmark, Spark Capital, GV, Burst Capital, and SV Angel.
With its office in Bengaluru, Instawork also has hiring plans for India and aims to double its workforce in the country in the next few months. At present, India contributes about 35 percent of the company's total employee base.
"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 labour needs posed by a reopened economy have never been more important," said Sumir Meghani, Co-founder and CEO, Instawork.
In a press statement, the startup said that Instawork's business has accelerated dramatically over the past 15 months as it adapted to the significant labour market effects of COVID-19, quickly expanding its marketplace to help address an imbalance of labour supply and demand.
Instawork supports several industries, including food and beverage, hospitality, retail, and warehouse logistics.
There are now over one million Instawork Professionals (Pros) across the US, many of whom create a profile, find a shift that matches their skills and interests, and start working in under 24 hours.
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, it stated.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Suman Singh