Gig Wage, a payments platform specializing in independent contractors, announced that it has closed the first $1 million of a $2 million seed round. Revolution’s Rise of the Rest Seed Fund, which kicked off its seventh bus tour in Dallas last May, has invested in Gig Wage. Gig Wage believes that Revolution’s investment is confirmation that the ever-growing on-demand workforce expects an on-demand paycheck.
"The Gig Economy is the biggest macro shift in the workforce in over 100 years. All four generations are working in the Gig Economy; Boomers, Gen X, Millennials and Gen Z,” says Craig J. Lewis, the CEO, and Founder of Gig Wage. “This shift is driven by economics, policy, technology, and cultural forces. This funding will allow us to issue payments of over $1 billion to contractors and roll out our new API in 2019. We’re excited to help power the future of work.”
Gig Wage is saving time and money for customers while increasing operational productivity. Gig Wage is a tool to help businesses recruit and retain world-class contractor talent, which is essential to compete in the modern workforce. The statistics surrounding this economic trend are staggering. A recent report from UpWork states that 36% of the workforce is now freelancing, which converts to $1.4 trillion of personal income being paid to contractors. Google also announced that for the first time in its 20-year history, contract workers outnumbered direct employees. And, by 2020, it is expected that 50% of the United States workforce will be independent contractors.
“Current payment solutions for gig economy workers lack sufficient speed and accuracy. Gig Wage identified this pain point in the growing gig economy market and designed a solution to help employers better manage compensation for independent contractors,” said J.D. Vance, Managing Partner of Revolution’s Rise of the Rest Seed Fund. “It is another example of a great company addressing a global challenge in a city beyond the coastal tech hubs.”
Gig Wage recently announced the latest advisor, Wade Burgess, former LinkedIn Executive, and Shiftgig CEO. Burgess served as the head of LI Talent Solutions, which comprises 67% of LI revenue, and has first-hand knowledge of the enormous impact of the contractor. “At LI we monitored the findings of talent thought leaders worldwide, and the data was popping off the page. The Gig Economy is going to be the equivalent of the globalization of the workforce twenty-five years prior. This is a trend that cannot be ignored and the companies that empower the employer and the worker will win. Gig Wage is compelling for this reason.”
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