Hourly.io, the Compensation and Payroll Platform for Hourly Workers, Announces $27M Series A
Every hour to expand beyond California and expand its insurance operation nationwide
PALO ALTOCalifornia. , June 3, 2022 /PRNewswire/ — Schedule.ioa fast-growing worker compensation and payroll startup, today announced that it has raised $27 million in a Series A financing led by Glilot Capital Partners via its Glilot+ seed fund. Additional backers include previous investors Uppercase letters, MS&AD companies, J Ventures and new to this round, Vintage Investment Partners and Result companies.
Series A funding will help Hourly expand beyond the state of California, where it was founded. The company aims to expand its insurance platform nationwide.
Hourly’s user-friendly platform merges three complex products: time and attendance, payand work accident insurance— in one.
Traditionally, companies use annual payroll estimates to calculate workers’ compensation premiums. But changes in personnel, workload, hours or compensation often cause these estimates to vary considerably from reality. As a result, companies overpay or underpay their workers’ compensation premiums, often by tens of thousands of dollars.
Co-founder and CEO Tom Sagui experienced these problems when he ran a small business himself. He partnered with Shay Litvaka technologist with more than 20 years of experience, to solve these problems and revolutionize the $50 billion workers compensation industry.
Lior LitwakManaging Partner of Glilot+, Glilot Capital’s early growth fund, 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, eliminate surprise bills and ultimately improve liability We are excited to join Hourly on its journey to completely revamp the workers’ compensation insurance industry.”
Haim Sadgera founding partner of S Capital who led Hourly’s funding round in 2019 and is the second largest Series A investor, said: “Hourly is a shining example of what can be achieved when talented people come together with a clear vision. This vision is to create a platform that allows any business owner to manage all aspects of their hourly workforce in minutes using just a smartphone. They’ve built something really special, and the growth and positive feedback they’re seeing in the market is proof of that.”
“Schedule completely eliminates uncertainty because payroll and worker compensation are linked. Now companies know exactly how much their coverage costs,” Sagi said. “We are delighted to expand Hourly from California and give business owners across America a better way to pay their team, control their true labor costs, and better manage their workers’ compensation insurance. »
Based at Palo Alto, California, Hourly.io is an insurtech start-up offering full-service wage and salary insurance for small and medium-sized businesses employing hourly workers. Powered by real-time data, Hourly’s platform ensures payroll execution is as fast as the push of a button and you get accurate worker compensation bonuses down to the penny. . For more information, visit www.hourly.io.
SOURCE Hourly, Inc.