Instawork has long been known as the leader in flexible work - and now, new funding is revolutionizing how thousands of businesses find qualified and reliable workers.
Today, Instawork announced that it has raised $60 million in a Series D funding round led by TCV, with participation from new investor 9Yards Capital, Larry Fitzgerald Jr., and existing investors including Benchmark, Spark Capital, Craft Ventures, Greylock, Four Rivers Group, and GV. Bringing total investment to $160 million, the funding round allows Instawork to accelerate investment in its AI-powered mobile app and platform that connects over 4 million skilled hourly workers with tens of thousands of businesses.
TCV has built a track record of partnering with private and public technology companies that have developed into global, category-defining players. The firm is laser-focused on empowering mission-driven teams to build and scale companies that delight consumers and businesses around the world. Its select partnerships include: Airbnb, Dollar Shave Club, Facebook, Netflix, Peloton, Spotify, and Toast.
So what will this mean for Instawork Partners?
With the additional funding, 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. Instawork will also be releasing new self-serve features, including user-friendly tools to post shifts in seconds, and custom, data-powered interfaces for easy workforce management.
Businesses using Instawork will experience strengthened features including:
- Quick access to qualified workers in their community
- Improved operational efficiency with quality and reliable staffing
- Increased customer loyalty due to happier staff and better experiences
- Time saved on administrative tasks, returning focus to other top priorities
Partners will also benefit from capabilities made possible by new funding to:
- Optimize worker fit to vet and predict workers that are most suitable for specific roles
- Increase reliability and identify workers who are most likely to show up for specific shifts
- Maximize worker return rate by using signals to identify high performers and nudging them to return
Hourly workers will also benefit too - which means businesses will continue to have access to a satisfied, skilled labor force. The most recent funding round will go towards providing the platform’s 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.
If you’re interested in learning how Instawork can help staff your business by utilizing the latest in AI technology, complete the form below.