Overview

Instawork connects businesses with over 5 million vetted short-term, seasonal, and temp-to-hire workers through its online platform. This platform addresses the challenges businesses face in finding hourly workers, which traditional staffing agencies often struggle to meet. Instawork's intelligent matching system pairs businesses with suitable workers from its extensive database, ensuring that only reliable candidates are presented. The company has a rigorous vetting process that contributes to a high demand for its workers, with 93% of businesses wanting to rehire them and a low 2% no-show rate. Businesses can view worker profiles and experience before shifts, and those looking for full-time employees can also search and hire from Instawork's database. The company generates revenue by charging businesses for connecting them with workers, and its importance grew during the pandemic, reinforcing its market position.

Simplify's Take

What believers are saying

• The gig economy is projected to reach $455 billion by 2023, benefiting Instawork.
• Demand for flexible work arrangements aligns with Instawork's business model post-pandemic.
• Acquisition of Able Jobs enhances technological capabilities and expands reach in India.

What critics are saying

• Increased competition from platforms like Wonolo and Bluecrew could impact market share.
• Integration challenges from acquiring Able Jobs may affect operational efficiency.
• Expansion into new markets like Phoenix could strain resources and lead to inefficiencies.

What makes Instawork unique

• Instawork's intelligent matching system ensures high worker reliability and low no-show rates.
• The platform connects businesses with over 5 million vetted short-term and seasonal workers.
• Instawork's rigorous vetting process results in 93% of businesses wanting workers to return.

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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