The company has seen a 200% increase in volume thanks to the coronavirusRead more...
The money raised will be used to expand the platform into additional markets
Hourly, an employee management platform that focuses on payroll, time tracking, and workers' comp, has announced a successful seed funding round totaling $7.15 million.
The round was led by S Capital, with participation from Inovia Capital, J-Angels, and 22 other participating angel investors. These include Amir Faintuch, SVP at Global Foundries, and Francoise Brougher, COO of Pinterest.
Launched in 2019, Hourly looks to improve the growing digital landscape by helping companies streamline a variety of tasks in the employer/employee relationship. This includes time tracking options for workers, including remote workers thanks to location-based clock-ins.
In addition to time tracking, Hourly can also assist with payroll and tie it directly in with the time-tracking feature mentioned above. The service can also help with tax filing, thanks to an automated system the company uses to both file and pay federal and state taxes.
One of the most interesting features of Hourly, however, is how it helps employers manage workers' comp. Typically, companies have to estimate an employee's work, schedule, and more and then pay premiums based on that. Then, at the end of the year, an audit is performed to see how accurate those estimates were. Hourly helps alleviate some of these hardships thanks to its tracking features that allow a worker to easily pivot from one task to another while keeping all of that information logged to possibly avoid higher premiums based on the work involved.
If you'd like to learn more about Hourly and the inspiration behind the company, feel free to check out the Vator interview here.
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