The UK-based start-up, Lystable announced an increase of $10 million in its Series A funding round to $21 million, doubling their valuation. Lystable is a freelancer collaboration app, allowing managers to supervise profiles, delegate work, keep track of invoices, and make payments.
This new influx in funding was primarily led by Peter Thiel, James Fitzgerald, and Andrew McCormack’s Valar Ventures. Early investors also joined the round, including SciFi VC, Kindred Capital, and Goldcrest Capital, along with new investors Glynn Capital and Wilmount Ventures. This new round leaves Lystable’s total investment capital at $25 million.
SciFi VC Partner and member of Lystable’s board of directors, Eric Scott, said in a press release:
“The freelance economy is the new normal and became that way extremely quickly. Companies at the forefront of this trend are scrapping their spreadsheets and antiquated freelance management systems and opting for Lystable’s freelancer collaboration app to do the job, because it’s so much more efficient and easier to use.”
Lystable plans on using this new capital to fund their expansion within the United States and support their new product launch later on this year.
PYMNTS.com Gig Economy Index’s latest release projects that gig economy workers with access to smartphones will be responsible for over $680 billion by 2017.
The current trend of corporations hiring specialized workers to fill their immediate needs is not slowing down anytime soon.
However, with the demand for gig workers increasing, one has to wonder whether the current market conditions are driving away talent? The current method for payment of cash and checks aren’t appealing to workers, as 81% of gig workers stated that they want to be paid faster.
Key takeaways from the latest Index include:
- 47% of respondents receive 40% or more of their income from gig economy jobs
- 27% of gig workers support themselves through a single gig
- 65 % would not quit their gig for a full-time job.