Online staffing firm Work Market raised $20 million in growth capital. The investment was led by Union Square Ventures, with participation by Spark Capital, SoftBank Capital, Industry Ventures and Silicon Valley Bank.

“Businesses of all sizes are grappling with the need to identify and implement freelance management systems and Work Market has the solution,” said CEO Stephen DeWitt. “This round of funding will allow us to accelerate our investment in R&D and go to market capabilities. It will also support the expansion of the Work Market marketplace and help us grow the community.”

New York-based Work Market provides a freelancer management system. Such systems combine the disintermediating power of online with the HR tools, management functions and compliance solutions required by large enterprises. Staffing Industry Analysts recently released a report on freelancer management systems.

The online staffing firm last month named DeWitt as CEO, replacing company co-founder Jeffrey Leventhal.

“Union Square Ventures invests in pioneering companies that show the potential to truly disrupt the status quo; we see tremendous opportunity for Work Market to transform the way enterprises leverage the on-demand labor economy,” said Fred Wilson, co-founder of Union Square Ventures and a member of Work Market’s board of directors. “With new CEO Stephen DeWitt at the helm, the company is in prime position to drive rapid growth and further differentiate itself as the top freelance worker management platform on the market.”