Gigpro Secures $16M Series A Financing Round to Transform Hospitality Labor Market

CHARLESTON, S.C., July 30, 2024 /PRNewswire/ -- Gigpro, a leading on-demand labor marketplace for the hospitality industry, announced today that it has closed a $16 million Series A funding round led by Foundry, with participation from Stage 1 Ventures and existing investors Stage 2 Capital and Detroit Venture Partners. This milestone marks a significant step forward in Gigpro's mission to revolutionize the gig economy by connecting businesses with skilled independent professionals efficiently and seamlessly.

In just three years, Gigpro has distinguished itself as the leading labor marketplace dedicated to the hospitality industry and recently became the fastest growing company in South Carolina. The infusion of capital will enable Gigpro to expand its platform and enhance its technological capabilities, while continuing to provide exceptional value to both businesses and gig workers.

"We are thrilled to have the support of such esteemed investors who share our vision for the future of work," said Samuel Mylrea, CEO and Founder of Gigpro. "This funding will allow us to empower more hospitality professionals, further advance our leading technology platform, and continue to provide exceptional service."

"Gigpro is setting a new standard in the hospitality industry by providing an innovative solution to one of its most critical challenges," said Chris Moody, Partner at Foundry. "Their commitment to using technology to create a seamless connection between businesses and skilled professionals is transformative. We are excited to support Gigpro as they continue to grow and make a meaningful impact on the industry."

Gigpro addresses one of the most pervasive challenges in the hospitality industry: labor. This sector faces significant hurdles—79 percent of restaurants experience staffing shortages according to the National Restaurant Association. Additionally, the hospitality industry consistently sees employee attrition rates near 100 percent—twice the national average.

Meanwhile, 67 percent of hospitality professionals report difficulty making ends meet every month. Gigpro's labor marketplace addresses these problems head on, empowering businesses and hospitality professionals to connect in real time—solving the businesses' labor gap while providing additional income and career opportunities to hospitality professionals.

"We're providing a win-win solution to admirable customers on both sides of the marketplace. That's core to our mission and something we're proud of," said Adam Phillips, CPO and Co-Founder at Gigpro.

"Sam and the team at Gigpro continue to execute at an exceptional level, methodically addressing customer pain points with product innovation," said Jay Po, Co-Founder and Managing Partner at Stage 2 Capital. "The impact the platform is having on their customers is a game changer for this industry. It's inspiring to see thousands of jobs being created while simultaneously solving the critical talent shortage problem for businesses."

About Gigpro

Launched in 2021, Gigpro is an on-demand labor marketplace focused on the hospitality industry. On Gigpro, businesses can post shifts for a variety of hospitality roles and receive applicants from qualified, vetted hospitality professionals within minutes.

Since its founding, Gigpro has expanded to service hotels, bars, country clubs, retirement communities, sports arenas, and more, quickly becoming an essential labor solution for these businesses. Beyond helping businesses solve immediate labor needs, Gigpro is also used as a sourcing platform for permanent hires.

To date, Gigpro has helped fill over 350,000 shifts for over 9,000 businesses with its network of over 250,000 hospitality workers on the platform. Gigpro currently operates in 28 cities across the country, including Charleston, SC; Atlanta, GA; Nashville, TN; Charlotte, NC; Philadelphia, PA, and more.

For more information, visit www.gigpro.com.

For media questions or inquiries, please contact Gigpro at:
[email protected]

SOURCE Gigpro