HUNTSVILLE, Ala., April 16, 2019 /PRNewswire/ -- Spur, a new and innovative employment platform that redefines the relationship between hourly workers and employers who depend on them, announced today that it raised $8 million in a Series A funding round led by Third Prime with participation from Mark Bezos and John Griffin, founder of Blue Ridge Capital. Spur also appointed Bezos to its Board of Directors. This investment marks one of the largest venture rounds ever raised by an Alabama-based company.
Spur is addressing a significant market opportunity in the hourly worker economy, which is comprised of approximately 78 million workers or nearly 60 percent of all American jobs. Spur's platform offers workplaces such as hotels, restaurants, and other businesses with hourly workforces a managed solution for all their employment needs that saves them time and money, while also improving the benefits and services available to the workforce.
"We started Spur with a mission to provide workers greater access to opportunity and ultimately improve their quality of life. We're doing that by partnering with businesses and other organizations to take on all the responsibilities associated with managing HR and payroll for their hourly workforces and then ensuring those workers are well taken care of over the course of their employment," said Glenn Clayton, founder and chief executive officer, Spur. "We believe most businesses want to treat their workers well - we're just making it easier and more cost effective than ever before to deliver on that goal."
Spur's platform combines innovative employment technology with a focus on managing hourly workforces. Spur becomes the official employer of record of a business's hourly workforce thereby helping them reduce costs and save time by eliminating all HR and payroll functions. Businesses using the platform simply schedule their employees and approve their time through Spur's app, and then Spur's platform takes care of everything else.
Employees on Spur get to take advantage of a customized suite of benefits, perks, and other services specifically designed for hourly workers including faster pay options, healthcare, savings accounts, discounted products and services, and paid sick leave. In addition, Spur helps workers find side gigs and other opportunities to boost their income and find added stability.
"Spur is redefining how businesses manage and provide for their hourly workforce" said Wes Barton, managing partner, Third Prime. "We have been impressed with Spur's leadership, platform, unique value proposition, and unwavering dedication to helping improve the quality of life for millions of hard-working Americans. We are looking forward to continued momentum as more companies and their workers experience Spur firsthand."
Clayton added, "Third Prime, Mark Bezos and our other investors joining the Spur mission further validates the importance of what we have built and the enormous market demand for better ways to manage employment for America's growing hourly workforce."
Spur will use the funds to accelerate growth within the hospitality industry, one of the largest and fastest growing segments of the hourly workforce. Specifically, it plans to bolster its corporate and executive team, roll out the service across additional metro areas and continue development of its employment platform and products.
Since launching in 2017, Spur has added thousands of workers to its platform across multiple cities including Atlanta, Orlando, Birmingham and Houston. The company expects to launch in other major metros throughout 2019.
For more information, please visit: www.spurjobs.com. Follow Spur on Twitter @SpurJobs.
Headquartered in Huntsville, AL, with offices in New York and Chicago, Spur is an employment platform for hourly workers. Spur's Employment-as-a-Service (EaaS) offering helps businesses simplify how they manage hourly workers while also expanding the benefits and service offerings those businesses are able to offer their workforce. The company's mission is to help the growing hourly workforce improve their quality of life.
About THIRD PRIME
Headquartered in New York, NY with a satellite office in Charleston, SC, Third Prime is a venture capital firm that invests in exceptional entrepreneurs solving meaningful problems. Third Prime's mission is to utilize its time, reputation and capital to drive positive societal change and improve the well-being of all stakeholders.
JCUTLER media group