Industrial Staffing Report: June 15, 2023

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Talent platform Instawork reports $60 million funding round

Instawork, a San Francisco-based talent platform connecting businesses with skilled hourly workers, last week announced a $60 million Series D funding round and says it plans to use the investment to expand its AI capabilities. The new round brings the flexible work app’s total funding to $160 million.

The round was led by TCV with participation from new and existing investors, including 9Yards Capital, Larry Fitzgerald Jr., Benchmark, Spark Capital, Craft Ventures and Greylock.

Instawork said in a release it plans to use the new funding, in part, to accelerate investment in its AI-driven mobile app and platform which connect businesses with skilled hourly workers. The platform also aims to introduce new self-serve features, including user-friendly tools to post shifts in seconds, and custom, data-powered interfaces for easy workforce management.

Additionally, the new funding will help Instawork provide access to training and certification opportunities to workers whose current lack of certification makes them ineligible for certain shifts or for workers who wish to highlight their certifications outside the Instawork platform.

“Deploying artificial intelligence to a rich database of signals about the hourly labor force is revolutionizing how businesses connect with the skilled workers they need,” Instawork founder and CEO Sumir Meghani said in a statement.

Instawork, founded in 2016, connects more than four million hourly workers with businesses, allowing businesses to streamline their staffing processes and reduce costs while also helping local workers find work that matches their skills and interests.