Overview

Instawork connects businesses with over 5 million vetted short-term, seasonal, and temp-to-hire workers through its online platform. This service is designed for companies needing hourly workers, making it easier to find qualified candidates compared to traditional staffing agencies. The platform uses an intelligent matching system to pair businesses with suitable workers from its extensive database, ensuring that only reliable individuals are connected to employers. This vetting process has led to a high demand for Instawork's workers, with 93% of businesses wanting to rehire them and a low 2% no-show rate. Businesses can view worker profiles and experience before they start a shift, and those looking for full-time employees can also search and hire from the database. Instawork generates revenue by charging businesses for its services, and its importance grew during the pandemic, reinforcing its market position.

Simplify's Take

What believers are saying

• Instawork's expansion into Phoenix captures regional demand for flexible staffing.
• The acquisition of Able Jobs enhances Instawork's global job market tools.
• Recognition as 'Workforce Hiring Solution of the Year' boosts Instawork's industry credibility.

What critics are saying

• Increased competition from new gig economy platforms may dilute Instawork's market share.
• Integration challenges from acquiring Able Jobs could lead to operational inefficiencies.
• Expansion into new markets risks overextension and resource strain.

What makes Instawork unique

• Instawork uses an intelligent matching system for efficient worker-business pairing.
• The platform has a rigorous vetting process ensuring reliable worker connections.
• Instawork offers businesses immediate access to worker profiles and experiences.

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Funding

Total Funding

$148M

Below

Industry Average

Funded Over

4 Rounds

Notable Investors:

BenchmarkGreylock PartnersCraft VenturesSV AngelY Combinator

Notable Investors:

BenchmarkGreylock PartnersCraft VenturesSV AngelY Combinator

$60,000,000

Series D

May 2023

Series D funding is typically for companies that are already well-established but need more funding to continue their growth. This round is often used to stabilize the company or prepare for an IPO.

Series D Funding Comparison

Below Average

Industry standards

Ind Avg. $77M

$49M

$50M

$60M

$70M

$80M

$100M

View all funding stages