Total amount raised
$496 Millions
Latest funding date
10/1/2021
Location
Wonolo has successfully raised $140 million over multiple funding rounds, attracting a diverse group of investors. The platform offers on-demand staffing solutions, connecting businesses with temporary workers efficiently.
Keep reading to explore the intricacies of Wonolo's fundraising journey and the investors backing this innovative platform.
What Is Wonolo?
Wonolo, founded in 2014, is an on-demand staffing platform headquartered in San Francisco, California. The company connects businesses with temporary workers to fill immediate labor needs efficiently.
Founded by AJ Brustein, Jeremy Burton, and Yong Kim, Wonolo has grown significantly since its inception. The platform offers various features, including real-time reporting and access to background-checked workers.
With a workforce of 501-1000 employees, Wonolo continues to innovate in the staffing industry, providing streamlined solutions for both businesses and workers.
How Much Funding Has Wonolo Raised?
- Seed Round
- Amount Raised: $2.2M
- Date: May 2015
- Lead Investors: Foundry Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and validate the business model.
- Series A
- Amount Raised: $5.7M
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale operations.
- Series B
- Amount Raised: $13M
- Date: April 2018
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's features and increase market penetration.
- Series C
- Amount Raised: $32M
- Date: November 2018
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and expand into new markets.
- Series D
- Amount Raised: $138M
- Date: October 2021
- Lead Investors: Leeds Illuminate
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth, innovate mobile-first technology, and expand market presence.
Total Amount Raised: $190.9M. Current Valuation: Not publicly disclosed.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that has been investing in companies since 1972. They are known for backing companies that now control $1.4 trillion of combined stock market value.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, Airbnb.
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture capital division of Bain Capital, one of the world's leading private investment firms. They focus on early to growth-stage investments.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: LinkedIn, DocuSign, Jet.com.
- Foundry Group
- Details: Foundry Group is a venture capital firm focused on investing in early-stage information technology, internet, and software startups. They are based in Boulder, Colorado.
- Investment Focus Areas: Early-stage technology, internet, software.
- Notable Investments: Fitbit, SendGrid, Zynga.
- Leeds Illuminate
- Details: Leeds Illuminate is a growth equity firm that focuses on high-growth companies in the education, workforce development, and workforce access sectors. They aim to improve outcomes for learners and workers.
- Investment Focus Areas: Education, workforce development, workforce access.
- Notable Investments: Not publicly disclosed.
- 137 Ventures
- Details: 137 Ventures is a growth-stage venture firm that provides liquidity to founders, employees, and early investors. They focus on companies with significant growth potential.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: SpaceX, Palantir, Wish.
What's Next for Wonolo?
Wonolo stands at the cusp of significant growth opportunities, driven by the increasing demand for flexible work arrangements and the expansion of the gig economy. With $138 million in new funding, the company plans to enhance its mobile-first technology and deepen its market presence across major U.S. cities. This expansion could potentially tap into the $500 billion global temporary staffing industry, offering substantial room for growth.
Future fundraising opportunities seem promising as Wonolo continues to scale and innovate. The company may attract additional investments to support its ambitious plans, including potential international expansion and the inclusion of more skilled job categories. However, challenges such as regulatory hurdles, competition from other staffing platforms, and maintaining a balance between supply and demand for job opportunities could pose obstacles along the way.
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