Christine Hall is reachable at 8:01 AM on December 2, 2021.
Employers are in dire need of workers despite the lackluster results of the holiday shopping season.
There is a need for more tech-enabled tools to connect employers with available workers in the tight labor market.
Shiftsmart, a New York-based labor management resource, brought in $95 million in Series B funding for its workforce management software that matches hourly workers with open shifts across a variety of industry sectors.
Over 500,000 workers in over 50 countries have been added to the company's network since it formed in 2015, which allows them to have flexibility in their work hours, how much they work, and how fast they can get paid.
Aakash Kumar, founder and CEO of Shiftsmart, said that the innovation was on the supply side and not on the demand side. We want to make it easy to create a profile, flip an app and work when you want. The ability to control your own schedule is something we are going to extend forward.
Shiftsmart has $117 million in total investments. Several industry executives and institutions participated in the round, led by D1 Capital.
Jeff Leventhal, managing partner at S12F, believes in the empowerment of workers and how they are treated and thinks Shiftsmart's approach gives workers flexibility in their day, but also a lot of opportunity to work for different companies and in different roles.
He said that the days of shift work that involve coming in at 2 p.m. or being fired is a dated concept.
Shiftsmart is level-setting the world, but user experience is one of the hardest things to get right. The company gets in correctly. Shiftsmart's technology is meant to be flexible for both the employer and employee, as marketplaces are hard to build and get working.
Shiftsmart has a customer list that includes Circle K, Humana, and the Small Business Administration. Kumar said it was time to look at another round of venture capital after revenue doubled or tripled each year.
He said that they help employers expand their market by breaking the work down to the shift level. If you want to find someone to do a three-hour shift a few times a week, you'll have a better chance of finding someone willing to work 40 hours a week.
When I Work is a messaging app that allows shift-based teams to schedule work.
The new funding will be used to scale up its vertical, which includes audits and contracts, retail and global logistics, and the launch of new vertical like healthcare. The company will hire more people. It has 60 employees, which is up from 30 a year ago.
Shiftsmart, a company focused on hourly workers, has received investor attention recently, as well as many other companies that focus on knowledge workers.
When I Work closed on a huge round of $200 million, Fountain brought in $85 million and Seasoned grabbed $18.7 million for its tool for restaurant workers. Homebase raised $71 million earlier this year, and Workiz raised $13 million.
Kumar said Shiftsmart was able to partner with its customers, which can use the platform with Shiftsmart's labor force or with its own.
The global labor shortage has made it critical for the business. As we learn more about the behaviors of workers, we will be able to scale up operations to absorb demand and create more unique experiences for them.
Flexible compensation can help attract and retain talent as human capital grows scarce.
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