# Work Market

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/work-market

- Industry: Software
- Headquarters: New York, US
- Website: www.workmarket.com
- Total disclosed funding: $56M
- Latest round: Series C (Nov 21, 2016)
- Investors on record: 7

## About

WorkMarket Inc. offers a robust independent contractor management system that simplifies the contractor lifecycle, enhancing efficiency in onboarding, compliance, and payment processes for businesses across various sectors.Founded in 2010 in New York, US, WorkMarket Inc. specializes in contractor management solutions. The company has raised a total of USD 20.040 mn across 6 deals, with the latest funding round being a Series C in January 2018, backed by Accenture Technology Ventures and Foundry Group. The current company valuation stands at USD 61.917 mn, and Stephen Dewitt serves as the CEO, with Jeffrey Leventhal as the founder.WorkMarket offers a comprehensive independent contractor management system designed to streamline the entire contractor lifecycle, from talent attraction and onboarding to payment and compliance management. Its core product empowers businesses to efficiently onboard and verify independent contractors while automating critical workflows, ensuring compliance with evolving regulations. Key features include the creation of pre-vetted talent pools based on specific skill sets and locations, as well as automated processes for tax ID verification and electronic 1099-NEC filing. WorkMarket primarily serves small to medium-sized businesses (SMBs) across various industries, including IT services, health and wellness, creative services, and field sales, enabling them to engage contractors more effectively and manage large volumes of work across the United States and globally.WorkMarket generates revenue through a subscription-based model that includes multiple service tiers tailored to different business needs. Clients typically enter agreements for access to the platform's features, which may encompass onboarding, payment processing, and contractor management solutions. The transactional structure involves businesses paying for the platform subscription, alongside transaction fees associated with contractor payments and other automated services. Specific pricing plans are designed to accommodate varying scales of operations, allowing businesses to select the level of service that best suits their requirements. This flexible pricing strategy ensures that both small companies and larger enterprises can benefit from WorkMarket's functionalities while managing their independent contractor workforce efficiently.Looking ahead, WorkMarket plans to leverage its recent funding from the Series C round to enhance its platform's capabilities, introduce new product features, and streamline operations. The company aims to expand into new geographic markets, focusing on increasing its presence in the European and Asian markets by 2020. The most recent deal in January 2018, where Automatic Data Processing announced the acquisition of WorkMarket, highlights the company's strategic significance and growth potential.

## Funding rounds

- Series C, Nov 21, 2016, $20M — Foundry Group, Accenture Technology Ventures
- Series C, Jan 15, 2015, $20M — Softbank Capital, Industry Ventures, Union Square Ventures, Spark Capital, Silicon Valley Bank
- Series B, May 12, 2013, $5M — Softbank Capital, Union Square Ventures, Spark Capital
- Series B, Sep 9, 2011, $5M — Softbank Capital, Union Square Ventures, Spark Capital
- Series A, Jun 14, 2010, $6M — Union Square Ventures, Spark Capital

## Investors

- Union Square Ventures (https://capitalatlas.ai/funds/union-square-ventures) — Series A, Series B, Series C
- Spark Capital — Series A, Series B, Series C
- Softbank Capital (https://capitalatlas.ai/funds/softbank-capital) — Series B, Series C
- Industry Ventures (https://capitalatlas.ai/funds/industry-ventures) — Series C
- Silicon Valley Bank — Series C
- Foundry Group (https://capitalatlas.ai/funds/foundry-group) — Series C
- Accenture Technology Ventures (https://capitalatlas.ai/funds/accenture-technology-ventures) — Series C