SAN FRANCISCO — Wonolo, an online platform that’s trying to disrupt the temporary staffing industry, has raised a $138 million growth round, led by Leeds Illuminate with participation from 137 Ventures and G2 Venture Partners. Franklin Templeton also came in on the round. This latest round brings Wonolo’s total venture funding to over $200 million.
“As labor shortages continue, workers have more power than ever. We are seeing a seismic shift in what workers are looking for when it comes to selecting job opportunities. Workers are opting for flexible work that offers them a chance to further develop portable skills and get access to living wage jobs at a variety of job sites,” said Yong Kim, CEO and founder of Wonolo. “I’m excited to have new mission-driven investors joining us to help raise the bar for workers everywhere. Wonolo’s next phase of growth will drive this evolution to bring more flexibility, fair chances and fulfilling jobs to all workers.”
To date, over 1 million workers, “Wonoloers,” have used Wonolo’s mobile app to pick up jobs that fit their needs and schedules, and have earned hundreds of millions of dollars. Workers highlight the freedom to decide when and where they work as a key benefit of using Wonolo: “I lost my corporate job due to loss of business from COVID-19. I had no income since then and my savings were drying up. I was starting to lose hope. I was on the edge of being homeless,” said Wonoloer Coy Nguyen. “Then my sister told me about Wonolo. I was able to sign up and start working immediately. Wonolo helped turn my life around. I was able to pay my bills and I believed in myself again.”
Increasingly, businesses across the country are grappling with unpredictability – from inconsistent consumer demand, to labor shortages, to supply chain challenges. Thousands of businesses use Wonolo’s platform to help solve these issues by connecting with workers who want and are willing to provide flexible support. The company has experienced record-setting growth this year across industries such as retail, manufacturing, distribution, fulfillment and hospitality. Customers of Wonolo include Uniqlo, Aramark, Peloton and Driveline Retail.
“The world of temporary staffing is massive, generating over $500 billion in global annual revenue. We see Wonolo as the leader in disrupting this space and offering a tech-first, flexible solution that helps businesses and workers alike,” said Stephanie Nieman, managing director at Leeds Illuminate. “We are struck by how thoughtful Wonolo has been in building a business that puts workers first and is innovating with organizations to solve real labor problems across many industries.” As part of the funding round, Nieman has been appointed to Wonolo’s Board of Directors.
The funds will be used to accelerate the company’s continued growth and mobile-first tech innovations. The company will also continue to expand in markets across the United States – and deepen its market share in top markets including: Newark, Dallas, Atlanta, New York City, Chicago, Phoenix, Nashville, Tampa, San Antonio, Miami, Columbus, Austin, Houston, Raleigh, Indianapolis, Denver, Seatte, Salt Lake City, and Philadelphia.