Hourly.io, a Palo Alto, California-based provider of a software solution for labor tracking and payroll processing, closed $27 million in Series A funding.
The round was led by Glilot Capital Partners, with S Capital, MS&AD Ventures, J-Ventures, new backers Vintage, Investment Partners, and Upshot, and many angel investors also participated in this round.
The company will use the fresh funding to expand the insurtech platform outside the state of California and make It available to one-third of the U.S. population by the end of 2023.
Company: Hourly, Inc.
Round: Series A
Funding Month: June 2022
Lead Investors: Glilot Capital Partners
Additional: Capital, MS&AD Ventures, J-Ventures, Vintage
Investors: S Capital, MS&AD Ventures, J-Ventures, Vintage, Investment Partners, and Upshot
Company Website: https://www.hourly.io/
Software Category: Insurtech Platform
About the Company: Hourly was founded in 2015 by Tom Sagi, alongside Shay Litvak. Hourly is a provider of a software solution for labor tracking and payroll processing, noting industries like construction, service, and light industry on its website. Hourly's mission is to help hourly employers and employees achieve their goals better and faster. Hourly’s focus on ease, convenience, and transparency helps business owners save time and money and build trust with employees. The company has a two-part SaaS business and a technology-powered insurance business. The company is headquartered in Palo Alto, California