Workers’ comp and payroll solution Hourly.io has closed its Series A on $27m, which will help it expand outside of California.
Glilot Capital Partners led the round through its early growth fund Glilot+, which has a capital pool of $180m. Additional backers include S Capital, MS&AD Ventures, J-Ventures, Vintage Investment Partners and Upshot Ventures.
In addition to nationwide expansion, the company hopes to scale its insurance services.
Hourly offers a single solution that compiles time and attendance, payroll, and workers’ comp insurance.
The company was born from co-founder and CEO Tom Sagi’s own experiences from running a small business. In a post announcing the funding, Hourly stated businesses traditionally use annual payroll estimates to calculate workers’ comp premiums. However, changes in staffing, workload, hours or pay can make the estimates vary significantly from reality. This results in businesses either over or underpaying their workers’ comp premiums, often by tens of thousands of dollars, it said.
Glilot+ managing partner Lior Litwak said, “Hourly.io is a game-changer for small businesses with a mobile workforce. The platform frees up thousands of hours spent on administrative work, eliminates surprise bills, and ultimately improves accountability. We are thrilled to join Hourly on its journey to completely revamp the workers’ comp insurance sector.â€
Earlier this week, SaaS recruitment and retention platform HourWork collected $2.5m for its Series A round. The company aims to transform gig working by giving employers the ability to improve applicant flow, reduce retention challenges and match demand for labour with workers.
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