Investments

Gig Startup Shiftgig In $20M Series C

As the gig economy continues to grow, more and more workers in the U.S. and elsewhere are looking to temporary, freelance or gig work to earn some extra cash. Additionally, many temporary and gig workers are becoming more reliant on gig work as a primary source of income.

On-demand job market startup Shiftgig knows this and works to facilitate the growing gig space by connecting hourly workers with local businesses. Founded in 2012, Shiftgig built a mobile platform that allows temporary, gig and hourly workers to find and pick up shifts at local businesses — in food service, retail, hospitality and logistics to name a few — looking for staff to fill schedule gaps.

Shiftgig recently raised $20 million in a Series C funding round from a mix of new and existing investors, including DRW Venture Capital, FJ Labs and GGV Capital, among others. To date, Shiftgig has raised $56 million in funding, including a $22 million Series B back in Nov. 2015.

As of now, Shiftgig works with 1,500 participating businesses and has some 15,000 workers who currently use the platform. Businesses using Shiftgig pay for every shift worked, and the startup receives a percentage fee, which varies depending on the size of the particular work order, as well as the size of the business client.

While the mobile platform services customers across all 50 U.S. states, a majority of its participant businesses and workers are concentrated within 12 major U.S. cities. Shiftgig CEO Eddie Lou reportedly told TechCrunch that the on-demand job market startup has plans to use the new funds in part to continue to scale out its operations in the states.

According to the Q3 PYMNTS Gig Economy Index, some 40 percent of gig economy workers receive 40 percent or more of their income from gig work, and 31 percent support themselves through a single gig.

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