Venture capitalists have once again placed their support behind a U.K. startup that helps large corporations manage their vendors.
Reports in The Telegraph on Wednesday (Dec. 9) said Lystable secured another round of funding, led by PayPal Cofounder Peter Thiel, who had already invested $1.5 million in the company earlier this year through his venture capital fund, Valar Ventures.
This time, Valar Ventures was joined by Toba Capital, as well. Together, the backers raised an additional $2 million for the company. Big name clients include Google and Farfetch, according to reports.
The startup provides a portal through which corporations can list all of their freelancers, service providers and vendors, creating ease of access to this information for everyone at that company. At present, Lystable Founder Peter Johnston told reporters the company is focusing on the media, fashion and travel industries.
[bctt tweet=”‘The world is changing rapidly, and the current solutions are no longer fit for purpose.'”]
“The world of work is changing rapidly, and the current solutions are no longer fit for purpose,” Johnston said. “Lystable brings all the required resources into a single place.”
Earlier interviews with Johnston saw the founder discussing the pain points of businesses spending time working with spreadsheets and fragmented communication methods with freelancers and vendors. He noted that for businesses using thousands of these partners and service providers a month, there needs to be a tool that makes it easy for employees at a company to communicate with these partners.