SMEs have become a huge opportunity in the world of B2B technology in the last few years. And today, startups building tools aimed at helping them manage a team of workers are announcing some funding that highlights the state of the market. Home baseAccording to sources close to startups, SMB has completed $ 70 million in funding to provide a platform to help manage various services related to the hourly workforce. Series C values the company between $ 500 million and $ 600 million.
The round includes many big names, which show the strategic interests of the participating individuals as well as the size of the VCs currently evaluating the SMB market. GGV Capital is leading the round, with past supporters Bain Capital Ventures, Baseline Ventures, Rock, Cowboy Ventures and Kosla Ventures also participating. Meanwhile, personally, Focus Brands Kat Cole President, Jocelyn Mangan (Papa Johns and Chownow Director, Former COO of Snag), Former CFO of Payroll and Benefits Company Gusto Mike Dinsdale, Guild Education Founder Rachel Carlson, and Star Athletes Julue And Lauren Holiday. And okay okay actors and famous everyone and future political candidate Matthew McConaughey.
Homebase has raised $ 108 million so far.
The company currently has about 100,000 small businesses with a total of 1 million employees on the platform and uses Homebase to (recently) relate to hourly workers such as salaries and shift schedules. Manages all kinds of activities. Time clocks and timesheets, recruitment and onboarding, communication, and HR compliance.
Homebase founder and CEO John Waldmann said the money will continue to be directed towards both attracting more customers and expanding the list of services offered to them. As a feature for small businesses that may still have “desk” workers who may work hourly.
According to Waldmann, the common thread is not the exact nature of their work, but due to its time aspect, it is the fact that technology has so far provided little service.
“From the beginning, our mission was to support local businesses and their teams,” he said. Some of the inspiration he said came from people he knew. A childhood friend who owned an independent and expanding restaurant chain, managed a team there, and experienced the challenge of doing most of the work on paper.And his sister Working with hospitality, it didn’t look much different from the challenge of a friend in his restaurant. She had to call to see when she was working and write the time in her notebook to make sure she was getting paid correctly.
“We’re focused on making things easier for people sitting on computers and desks, but there are many tech companies building tools for these other people,” said Waldmann. increase. “In the world of work, technology just makes the experience look different.”
Homebase is currently focused on the North American market. With about 5 million SMEs in the United States alone, there are many opportunities. NS The great pressure many of them have experienced In the last 18 months of Covid-19 life, some people have shut down completely, managing their work in a more efficient and organized way to ensure they know where their staff are. We also focused on how to do it. Your staff always knows what it should do.
It’s interesting to see what kind of services Homebase will add to the platform over time. In a sense, it shows that hourly workers have their own demands and become a more sophisticated and prominent aspect of the workforce. Payroll, which currently operates in 27 states, also includes upfront payments, opening the door to other types of financial services in Homebase, for example.
“SMEs are the lifeblood of the American economy, with more than 60% of Americans employed by one of 30 million SMEs. In the post-pandemic world, technology is for businesses of all sizes, including SMBs. It’s more important than ever, “said Jeffrichers, GGV Capital’s manager and new home-based board member. “The Homebase team has been working hard for years to bring technology to SMBs in ways that drive profitability, recruitment and growth. Homebase is an American small business. We are thrilled to see this important role in our recovery and to be part of our future mission. “
Participating in this round is interesting given that McConaughey has recently turned to politics and plans to run for the Governor of Texas in 2022. “We,” he said. “They play an important role in giving our city a sense of livelihood, identity and community. That’s why I invested in Homebase. Homebase brings small business management to the modern era and nationwide. Not only will people continue to work harder, but they will also help them work smarter. “
Homebase raises $70M for a team management platform aimed at SMBs and their hourly workers – TechCrunch Source link Homebase raises $70M for a team management platform aimed at SMBs and their hourly workers – TechCrunch