Work Market Announces $10,000,000 Expansion Financing to Fund Continued Growth
NEW YORK, May 14, 2013 /PRNewswire/ -- Work Market, the leading enterprise-class freelance labor platform and marketplace, announces today the close of a $10 million Series Scale financing. The round was led by new investor SoftBank Capital with participation from existing investors Union Square Ventures and Spark Capital. Jordan Levy, General Partner with SoftBank Capital NY, will join the Work Market Board of Directors as an observer.
Work Market, founded in 2010 by Jeffrey Leventhal and Jeff Wald, provides hundreds of corporations such as Omnicom, Adecco, NCR and Lockheed Martin with an enterprise software solution to manage freelancers and contractors. Clients access a marketplace of highly skilled freelancers, in which nearly 10,000 people are engaged in work every day.
The $10 million Series Scale investment will allow Work Market to invest and expand its sales and marketing efforts. Work Market CEO Jeff Leventhal said, "At Work Market we have built a market leading product that has shown its effectiveness in serving over 250 clients, including some of the country's largest enterprises. It is now time to raise the profile of our business and broaden our sales reach, and this capital round allows us to do just that. We are also thrilled to add Jordy Levy to the team given his extensive experience in scaling enterprise businesses."
SoftBank General Partner Jordan Levy added, "We couldn't be more excited to help this New York based company disrupt the outsourced human resources industry. Work Market will have a lasting impact on how people find and perform work for decades to come."
About Work Market:
Work Market is the leading enterprise-class freelance labor platform and marketplace. Businesses of all sizes use the Work Market platform to manage the complete lifecycle of their freelance labor, including the selection and hiring of contracted resources, the deployment and ongoing management of labor at scale and all associated payment and legal compliances. This allows businesses to increase labor productivity and enhance work quality while dramatically reducing costs. For more information, visit http://www.workmarket.com.
About SoftBank Capital:
SoftBank Capital makes investments in companies that connect people, devices and the world. The firm invests in category leaders in consumer and enterprise mobile, online advertising, ecommerce, social media and cloud computing. SoftBank Capital offers entrepreneurs valuable experience and resources, including its close association with SoftBank Corp. and Yahoo! Japan.
About Union Square Ventures:
Union Square Ventures (USV) is one of the leading venture capital firms investing in internet and mobile businesses. Located in New York City, USV backs passionate, experienced entrepreneurs who are focused on creating highly scalable services and significant value propositions for their end users. For more information, visit http://www.usv.com
About Spark Capital:
Spark Capital is a venture capital firm that partners with exceptional entrepreneurs seeking to build disruptive, world-changing companies. Founded in 2005, the firm manages approximately $1,500,000,000 across four funds. Headquartered in Boston, Spark maintains an office in New York and invests across the globe. The firm focuses on the following key categories: advertising & monetization, commerce & services, content & media, hardware & infrastructure, mobile and social. Spark Capital has backed notable companies including Twitter, Tumblr, Foursquare, AdMeld, OMGPOP, Warby Parker and Wayfair. For more information, visit www.sparkcapital.com.
SOURCE Work Market
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