David Haye invests in new British recruitment start-up Syft

  • SYFT, the ‘on-demand staffing app’ Secures £2.65 million In Seed Funding

Syft – the app that changes the way employers get access to great staff through its groundbreaking simplicity and efficiency – has closed its seed investment funding round of £2.65 million from Profounders Capital, the prominent British start up founders of Gamesys and Velocity, along with angels such as Lord Young and David Haye. Launched in November 2015, Syft is a revolutionary, online recruitment platform for the hospitality and events sector in London.

For employers, Syft is cost and time efficient: it gives direct access to fully vetted and rated staff via the app, allowing wide freedom of choice. When benchmarked against traditional temp agencies, Syft saves its clients a massive 55% in temp fees. It also boasts an average 98.5% shift completion rate, compared to an average agency no-show rate of 12.5%.

Job seekers using Syft benefit from being able to choose when and where they want to work without the constant hassle of an agency calling them up to offer them shifts. At the click of a button, staff can be booked on to a shift that pays an average £9.25 an hour, considerably higher than the average London hospitality wage. For higher end jobs shifts can pay as much as £20 an hour to the job seeker.

After undergoing an onboarding process, each approved job seeker is offered work to match their experience, as and when the work appears. Staff are notified with a job offer via a notification on their smart-phone, giving the job seeker the option to decline or accept. Work is offered both in advance and last minute: Syft is a convenient and functional way of gaining extra work within the Capital.

Syft allows direct access between employers and staff, and handles all payroll and tax obligations, with the employer paying staff wages and any NI contributions via the app.

David Haye, Former Two Weight World Champion Boxer, was one of the first investors in Syft with a keen interest in the business. He said, “Supporting British entrepreneurs is really important to me, especially those who are the driving force behind tech and growth-focused businesses. I not only invested in Syft’s vision, but I also recognised the company’s work ethic and dedication to success.”

Co Founder Novo Abakare continues, “The size of the seed round is a great indication not only of the size of our addressable market, but also of what the team at Syft have been able to achieve in such a short space of time. More important than the size of the round for us however was getting the right mix of investors. Venture Capital money from Profounders along with founders from Bebo, Gamesys, Velocity, CloudVolumes and David Cameron’s ex advisor for SME’s in Lord Young we feel very fortunate at such an early stage to have an amazing group. Each one of them adds significant value. A large amount of this round will continue to go towards ongoing development of the platform as we look to expand across London.”

Highlights of the funding round include:

  • Significant investors include Profounders Capital, founders from Gamesys, Velocity, CloudVolumes and Lord Young.
  • Mike Kershaw, former founder and Chairman of Concerto Group.
  • David Haye, Former Two Weight World Champion Boxer, was one of the first investors in Syft with a keen interest in the business.
  • Lord Young, the former Executive Chairman of Cable and Wireless, Secretary of state under Margaret Thatcher and Enterprise advisor to David Cameron also invested with a focus on start-ups and small businesses.
  • PROfounders Capital is backed by a consortium of successful founders of UK start ups such as Michael Birch of Bebo.

 

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Syft is available on both Android and iOS.

For all Syft media and press enquiries please contact us at syftpress@syftapp.com.

 

About Syft

Syft is an online staffing platform for hospitality and warehousing companies that gives employers direct access to high-quality, trained and experienced flexible staff. Syft offers employers control and choice over who they hire. It saves them time and money whilst also providing consistency. Launched in November 2015, the app helps workers in London get access to thousands of shifts. It lets them choose when and where they work, whilst getting paid over £9/hour.

Syft saves its clients a massive 55% in temp fees. It also boasts an average 98.5% shift completion rate, compared to an average agency no-show rate of 12.5%.

About Creandum

Creandum is a leading European venture capital firm, focusing on innovative and fast-growing technology companies across Europe. The Creandum funds have over €400M under management with offices in Stockholm, Berlin and San Francisco. The Creandum funds have over the last 15 years invested in more than 60 companies including Spotify, Tictail, iZettle, Edgeware and Vivino. For more information, please visit www.creandum.com.

Founder Info

CEO, Jack Beaman is a Cardiff University political science graduate and was part of the founding team of Fuse Universal, one of the world’s most innovative enterprise software startups having raised over $10 million in venture capital funding to date. Jack worked across sales and marketing collaborating with brands such as Vodafone, Google, Linkedin and Lloyds.

COO, Novo Abakare is a Philosophy and Economics graduate from Bristol University, who had spent the previous six years as a senior trader at alternative instruments investment firm Tradelink Worldwide.