Steady raises $15 million
Steady, “a mission driven business that helps people earn more,” has raised $15 million in Series B funding led by Recruit Strategic Partners, a venture capital arm of Recruit Holdings, with participation from Flourish Ventures, Loeb Enterprises, Propel Venture Partners and CMFG Ventures, the venture capital arm of Cuna Mutual.
Launched in 2018, Steady helps low-to-moderate income workers solve their income challenges caused by challenges due to the impact of COVID-19, wages not keeping up with costs of living, the reduction of available work hours at employers due to their driving efficiencies, and future job loss due to automation. Through the Steady app and web platform, users enjoy different benefits including finding job opportunities, tracking their income, and access to special offers. To date, the Steady app has been downloaded more than 2.7 million times.
“With the unfathomable challenges being faced by hourly and gig workers in America today, it is necessary for them to be able to access a platform that provides them with community-based support. Steady’s mission of utilizing the power of our community data to better the outcome for the entire community is more critically important than ever and we are very excited to have the capital to be able to build aggressively to support America’s core workforce. Numerous very disturbing trends have emerged from our data during the current economic crisis, including nearly half of Steady Members with 50% or greater income loss are African American and over 70% of those Steady Members face such dire conditions that they are having to skip meals. We are focused on delivering immediate and measurable economic value to our Members during these unbelievably traumatic times.” – Steady CEO Adam Roseman.
“Gig and LMI workers are at a critical juncture right now. They’re the backbone of the American economy but they are facing low wages, lack of healthcare and no realistic idea of what the amount of their next paycheck will be. Adam and the rest of the team at Steady have created an app that streamlines the work and financial lives of 2 million gig workers and counting, providing the support they need to navigate these challenging times. We’re honored to be a part of Steady’s efforts.” – Emmalyn Shaw, Managing Partner of Flourish Ventures.
