In the past few years, small and medium businesses have been a huge opportunity in B2B technology. Today, a startup that builds tools to help them manage their workers announced some funding. According to startup sources, Homebase has raised $71 million. This Series C funding will allow the company to be valued at between $500 million to $600 million.There are a lot of names involved in the round, which is a sign that VCs value the SMB market as well as the strategic interest of those who are also participating. GGV Capital leads the round with former backers Bain Capital Ventures and Baseline Ventures as well as Cowboy Ventures and Khosla Ventures. President of Focus Brands Kat Cole, Jocelyn Mangan, a board member at PapaJohns and Chownow and ex-COO of Snag), Rachel Carlson, Guild Education founder Rachel Carlson and star athletes Jrue and Lauren Holiday, as well as Matthew McConaughey, a famous actor and future politician, are some of the participants.Homebase has raised $108 Million to date.This funding follows strong growth at Homebase (which should not be confused with the UK/Irish home improvements chain of the same title nor the YC-backed Vietnamese startup in proptech).Homebase is used by the company to manage all activities that relate to hourly workers, such as payroll, shift scheduling, timeclocks, timesheets, communication, HR compliance, and hiring and onboarding.John Waldmann, Homebases CEO and founder, stated that the funding will be used to continue to attract customers and expand the services they offer. This could include features geared towards service workers and front-line workers as well features for small businesses with desk workers who may still work in an hourly basis.Waldmann stated that the common thread is not the nature of these jobs but that they are all, in part, underserved because of the hourly aspect.He said that our mission has been to support local businesses and their employees since the beginning. He said that part of his inspiration came from people he knew. A childhood friend, who was managing a growing restaurant chain and was facing the challenges of managing his staff, writing most of his work on paper. His sister, who worked in hospitality, didn't have any of those same challenges as his restaurant friends. To ensure she got paid correctly, she had to call in and check when she was at work.Waldmann stated that there are many tech companies who are focused on making it easier to work at their computers and desks. They also build tools for other people. Technology has made the workplace more enjoyable.Homebase is currently focusing on the North American market. There are approximately 5 million small businesses in America alone. Many of them experienced immense pressure over the past 18 months, leading to some shutting down. This has also prompted the mind to think about how to manage work more efficiently and organize your work better.It will be fascinating to see the variety of services Homebase adds over time. This is a sign that hourly workers are becoming more sophisticated and important, with their unique needs. Payroll is available in 27 states and includes pay advances. This opens the door for Homebase to offer other financial services, such as mortgages.The American economy's lifeblood is small businesses. More than 60% of Americans work for one of our 30,000,000 small businesses. Technology is more important than ever in the post-pandemic era, according to Jeff Richards, managing director at GGV Capital, and new Homebase board member. Homebase's team has been working tirelessly for many years to provide technology to SMBs in ways that help drive growth, profitability, and better hiring. We are thrilled to play a part in America's small business recovery.McConaughey is interestingly included in this round. He has recently turned to politics and plans to run in Texas governor in 2022. He stated that hardworking people who run local restaurants and businesses are vital to us all. They are vital in giving cities a sense identity, livelihood, and community. Homebase is the reason I invested in it. Homebase is a modern platform for small businesses. It helps people across the country to not only work harder but also work smarter.
