Total amount raised
$120.6 Millions
Latest funding date
12/01/2021
Location
Shiftsmart has successfully raised significant funding through multiple rounds, including a Series B round. The platform connects part-time workers with open shifts across various industries, leveraging technology to streamline labor management.
Keep reading to explore the intricacies of Shiftsmart's fundraising journey and the investors backing this innovative platform.
What Is Shiftsmart?
Shiftsmart, founded in 2015, is a labor-management marketplace based in New York, New York. The company connects part-time workers with open shifts across multiple platforms, aiming to provide more hours, better pay, and greater opportunities for workers.
The platform leverages technology to manage part-time workers, including scheduling, tracking metrics, and processing payments. It also offers features for reviewing shifts, rewarding performance, and providing flexible work schedules through an app-based platform.
Shiftsmart was founded by Aakash Kumar, Patrick Brandt, and Pavan Patel. The company employs between 501 and 1000 people, creating a robust ecosystem for both workers and organizations.
How Much Funding Has Shiftsmart Raised?
- Series B
- Amount Raised: $95M
- Date: December 2021
- Lead Investors: D1 Capital Partners, Imaginary Ventures, Spieker Partners, S12F
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new verticals such as healthcare and enhance the platform's capabilities.
- Series A
- Amount Raised: $16.5M
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve the platform's technology.
- Venture Round
- Amount Raised: $6M
- Date: June 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and development of the platform.
- Venture Round
- Amount Raised: $3.1M
- Date: April 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and begin building a user base.
Total Amount Raised: $120.6M. Current Valuation: Not publicly disclosed.
Key Investors
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. They led the Series B round of financing for Shiftsmart.
- Investment Focus Areas: Technology, healthcare, consumer goods
- Notable Investments: Not explicitly mentioned in the sources
- Imaginary Ventures
- Details: Imaginary Ventures is a venture capital firm that invests in early-stage companies at the intersection of retail and technology. They participated in the Series B round for Shiftsmart.
- Investment Focus Areas: Retail, technology, consumer
- Notable Investments: Glossier, Skims
- Spieker Partners
- Details: Spieker Partners is one of the key investors in Shiftsmart. Specific details about this investor are not provided in the sources.
- Investment Focus Areas: Not detailed in the sources
- Notable Investments: Not detailed in the sources
- S12F
- Details: S12F is another key investor in Shiftsmart. Specific details about this investor are not provided in the sources.
- Investment Focus Areas: Not detailed in the sources
- Notable Investments: Not detailed in the sources
What's Next for Shiftsmart?
Shiftsmart stands at the cusp of significant growth opportunities, driven by the increasing demand for flexible work solutions. With plans to expand into new verticals like healthcare and leverage its existing network of over 600,000 workers across 50 countries, the platform is well-positioned to capitalize on the global workforce management market, which is expected to reach $10.6 billion by 2027.
Future fundraising rounds seem likely as Shiftsmart continues to grow and enhance its platform. The successful Series B round indicates strong investor confidence, and additional funding could support further technological advancements and geographical expansion. However, the company may face challenges such as intense competition from other gig economy platforms and navigating complex regulatory environments in new markets.
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