Shift-work marketplace Instawork has raised $60 million in a round led by TCV, with participation from new investors 9Yards Capital, Larry Fitzgerald Jr., and existing investors including Benchmark, Spark Capital, Craft Ventures, and Greylock.
The San Francisco-based company has now raised $160 million since its launch in 2016.
Instawork says it plans to use the money to expand AI-driven capabilities to connect employers with qualified workers. It also plans new self-serve features, including tools that let customers post open shifts in seconds, and custom, data-powered interfaces for workforce management.
The funding announcement also mentions a planned marketplace for “training and certification opportunities” and a new Instawork debit card for qualifying users.
“The current ways businesses access labor is fragmented, manual, and under-penetrated by technology,” TCV general partner Gautam Gupta wrote in the announcement. “Similar to other category-defining technology companies with which TCV has partnered, we believe Instawork is dramatically changing its industry by using technology and data to connect businesses with the skilled workers they need.
Instawork says it helps 4 million hourly workers find shifts in more than 25 metro areas across the U.S. and Canada. Its employer clients number in the “tens of thousands,” the company says.
With a focus on industries with continued staffing shortages, including hospitality and warehousing, Instawork has achieved 15x growth over the past two years, and more than 2 million workers joined the app over the last year, according to the announcement.