Wonolo Raises $13M in Series B Financing Led by Sequoia to Address the Underemployment Epidemic and Grow its On-Demand Marketplace for Hourly Workers
SAN FRANCISCO, April 18, 2018 /PRNewswire/ -- Wonolo, the leading on-demand staffing platform enabling businesses to fill their immediate labor needs, announced today it has closed a $13M Series B funding round led by Sequoia Capital. The round brings Wonolo's total venture funding to $25M and includes participation from existing investors PivotNorth Capital and Crunchfund, and new investor Base10. The new capital will help Wonolo scale to meet the growing market need for an on-demand staffing marketplace that places underemployed hourly workers with unfilled work shifts at top businesses in retail, manufacturing, shipping and logistics, ecommerce, and other industries. Sequoia partner Jess Lee has also joined Wonolo's board of directors.
Despite the past few years of rapid economic growth in the U.S., millions of American workers find themselves unable to secure full-time employment despite the desire to work 40 hours or more. According to the March 2018 report from the Bureau of Labor Statistics (BLS), there are 5 million Americans who are underemployed - defined as those who are seeking full-time work but receive fewer than 30 hours per week from their employer. This number doesn't include the millions of additional people who aren't employed or have full-time jobs and want to pick up additional work, but are unable to find companies that are flexible enough to fit their needs. Wonolo takes a tech-forward, on-demand approach to staffing that connects companies with workers to fill vacant shifts through an easy-to-use marketplace and app.
"Wonolo is a mission-driven company filling a vital need in the market for a dynamic staffing marketplace that connects underemployed workers with understaffed companies," said Jess Lee, partner at Sequoia and Wonolo board member. "We're excited to partner with Yong, AJ, Jeremy and the entire Wonolo team to help solve the underemployment epidemic and address one of the major inefficiencies in the U.S. labor market."
To date, tens of thousands of hourly workers across the U.S. have used Wonolo to help them find work when they need it. Wonolo also partners with thousands of companies, including brand names like Coca-Cola, Papa Johns and Uniqlo, to fill open shifts. With the additional financing, Wonolo will continue to launch in new local markets around the U.S., add new strategic partners, sign up more companies to the Wonolo marketplace, and help even more people find work.
"When we started Wonolo as a project out of The Coca-Cola Company, our goal was to create a way for people to find extra work, while also addressing one of the major inefficiencies in the labor market for companies across industries," said Yong Kim, CEO and co-founder at Wonolo. "Just four years later, our customers and team have built a thriving marketplace that has helped tens of thousands of people find hourly work, while also helping companies meet the product and services needs of their customers. We are so excited to have Jess and the Sequoia team partner with us in our mission."
From underemployed workers seeking to pick up additional shifts, to parents who need to work around their kids' schedules, Wonolo helps people build a work schedule that provides them with the income and flexibility they need to live their lives. Prospective Wonolo community members are able to prove themselves on the job without requiring that they submit a resume or participate in an interview. After completing our onboarding process, Wonoloers are eligible to pick up shifts with local companies doing anything from making deliveries and stocking shelves, to shipping packages and staffing events. If they demonstrate the 5Ps - prepared, professional, positive, polite and punctual - Wonoloers can pick up additional shifts with some even being offered ongoing, full-time positions.
For companies, creating a Wonolo shift posting is fast and easy. It takes an HR or operations professional just a few minutes to post a shift opening on the Wonolo marketplace. Jobs are filled in a few minutes, meaning companies can fill same day or night shifts with a few simple clicks. Payment for that job is processed immediately after the work is completed and companies can provide workers with feedback through an easy-to-use review system.
About Wonolo
Delivering maximum flexibility to companies and talent, Wonolo – which stands for Work. Now. Locally. – connects companies with hundreds of thousands of vetted workers within moments. Wonolo is the future of temporary staffing, helping companies address their unpredictable labor needs in minutes and helping underemployed workers find additional job shifts when they need them. Headquartered in San Francisco, Wonolo serves major metro markets across the United States.
Contact: Brittany Hendrickson, InkHouse for Wonolo
Phone: 415-299-6370
Email: [email protected]
SOURCE Wonolo
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