Hourly, a U.S.-based insurtech/fintech that simplifies workers’ comp insurance, payroll and time tracking for small business owners, announced on Wednesday it secured $7.15 million through its latest seed funding round, which was led by Aya Peterburg and Haim Sadger of S Capital, with participation from Inovia Capital, J-Angels and 22 angel investors, including Amir Faintuch, SVP at Global Foundries, and Francoise Brougher, COO of Pinterest.
Launched earlier this year, Hourly is on a mission to help hourly employers and employees achieve their “goals better and faster” by building a platform to manage, pay, and insure the hourly workforce.
“Our co-founder Tom Sagi couldn’t find the right technology to manage his growing hourly construction workforce. Frustrated by the mediocre solutions the market had to offer, he teamed up with co-founder Shay Litvak, a technologist with 20 years of experience. Together, they embarked on a mission to build the world’s best platform to manage, pay and insure hourly employees.”
Sagi also observed:
“I have seen business owners spending an entire day each week reconciling payroll, figuring out workers’ comp premiums and struggling with processing payroll. I thought, there has to be a better way. I wanted to liberate folks from that weekly ordeal, and with the incredible support of our investors, we’re well on our way to making employee management better for small business owners.”
Haim Sadger, Founding Partner of S Capital, also commented:
“There’s a significant gap in the payroll and workers’ comp market, because many small businesses rely heavily on outdated tools and services. Tom, with his sharp business acumen, and Shay, with his strong technology background, have come together to solve this problem in a way that is transforming the industry. We’re proud to be part of the team bringing game-changing technology to the hands of small business owners.”
The seed round funding will be used to expand rapidly into new markets.