Lystable raises $10 million more to speed up adoption of its freelance collaboration app

ENTREPRENEUR

Lystable raises $10 million additional to rush up adoption of its freelance collaboration app

Tags: Freelance economy, Freelancer, funding daily, Independent Contractor, Lystable, Lystable News

Lystable CEO Peter Johnston and investors

Above: Lystable CEO Peter Johnston and consumers

Image Credit score rating: Lystable

Lystable launched on Thursday that it has raised an extra $10 million in capital to assist rising entry of its freelance collaboration app all through america. The latest infusion of cash is part of the company’s present Sequence A which happened in June 2016.

Consumers putting money into the spherical embrace Valar Ventures, which is said to Peter Thiel, Max Levchin’s SciFi VC, Kindred Capital, Goldcrest Capital, Glynn Capital, and Wilmont Ventures. Lystable has now raised $21 million for its Sequence A.

Primarily based in 2014 as a web-based platform for firms to deal with freelancers, Lystable is additional than merely managing paychecks and invoices. It’s about on-boarding these staff into methods whereas moreover providing devices spherical collaboration. Agency chief authorities Peter Johnston talked about that the $10 million funding will help with rising the app all by the U.S. (its headquarters have been initially in London) whereas moreover giving it the runway to hold on four additional senior executives throughout the subsequent 6 months.

He moreover instructed that funds will in all probability be used for the occasion and launch of a model new product known as Lystable Pay, which is ready to enable firms to pay freelancers for work provided merely. The model new funds will help with the worldwide distribution of the service.

“The freelance economy is the new normal, and became that way extremely quickly,” remarked SciFi VC companion Eric Scott in an announcement. “Companies at the forefront of this trend are scrapping their spreadsheets and antiquated Freelance Management Systems, and opting for Lystable’s freelancer collaboration app to do the job, because it’s so much more efficient and easier to use.”

Since launching, Lystable counts 42,000 using its service, one factor Johnston talked about competes in direction of typical spreadsheets, phone calls, and “old school corporate freelancer management systems”. In a time the place people are creating their very personal jobs or discovering what’s pleasurable about life, typical distributors aren’t really as necessary anymore. Truly, a survey by the Freelancers Union indicated that freelancers make up 35 p.c of U.S. staff, collectively incomes $1 trillion in 2016. Firms hiring these contractors will desire a choice to handle and observe them, and Lystable believes it could be the reply.

“Companies now rely on countless freelancers, sometimes as many freelancers as full-time employees, yet they rely on outdated methods from central HR functions who cant onboard them quick enough,” Johnston suggested VentureBeat in an e mail. “Once onboarded, companies aren’t set up to integrate freelancers into their day to day workflow or tools, we help teams get freelancers access to the tools they need to work effectively. Finally, managing countless freelancer invoices is a huge pain for finance, we streamline this for them.”

Lystable has now raised $25 million to this point in funding.

Be part of Funding Daily: Get the most recent data in your inbox every weekday.