Hourly raises $7.15 million
Hourly, a Palo Alto-based startup that simplifies workers’ comp insurance, payroll and time tracking for small business owners, announced that it has raised $7.15 million in seed funding. The round was led by Aya Peterburg and Haim Sadger of S Capital, with participation from Inovia Capital, J-Angels and 22 angel investors, including Amir Faintuch, SVP at Global Foundries, and Francoise Brougher, COO of Pinterest.
Staying true to its name, Hourly is looking to help small businesses manage, pay, and insure the hourly workforce. The startup – led by Tom Sagi and Shay Litvak – launched earlier this year and is the “only workers’ comp, payroll and time tracking platform purpose-built for small businesses.”
Hourly was previously called Checkapp and it launched in the App Store in November 2016 to later add the payroll and workers’ comp feature, which can be managed via mobile. The startup is currently running a promotion, offering businesses 12 months of free payroll.
“I have seen business owners spending an entire day each week reconciling payroll, figuring out workers’ comp premiums and struggling with processing payroll. I thought, there has to be a better way. I wanted to liberate folks from that weekly ordeal, and with the incredible support of our investors, we’re well on our way to making employee management better for small business owners.” – Hourly’s cofounder and CEO, Tom Sagi.
“Small businesses with hourly employees have complex and unique needs, which legacy, rigid and inflexible software platforms are underserving. Hourly is well-positioned to add another dimension of flexibility and expediency to managing that segment, and ultimately create a much more efficient workplace.” – Aya Peterburg, a founding partner of S Capital.
“There’s a significant gap in the payroll and workers’ comp market, because many small businesses rely heavily on outdated tools and services. Tom, with his sharp business acumen, and Shay, with his strong technology background, have come together to solve this problem in a way that is transforming the industry. We’re proud to be part of the team bringing game-changing technology to the hands of small business owners.” – Haim Sadger, founding partner of S Capital and an investor and board member of Lemonade.
