Syft secures £6.1 million in Series A investment funding
- Round led by Spotify’s first investor, Creandum
- Series A takes Syft’s total investments to date to £8.7million, following a seed round from PROfounders Capital and prominent angels such as Lord Young and David Haye
Syft – the disruptive marketplace staffing app which cuts out the need for traditional agencies – has closed its Series A investment funding round of £6.1million. The round, led by Spotify’s first investors Creandum also includes backing from PROfounders Capital and Colle Capital, alongside existing angel investors such as David Haye and Lord Young, taking Syft to an overall £8.7million total funding in 20 months.
Launched in November 2015, Syft offers a revolutionary online staffing platform for the hospitality and events sector in London, Manchester and Leeds. Syft is cost and time efficient for employers: giving them direct access to high-quality, fully trained staff via the app. This allows employers to view a range of job seekers with varying experience at an average cost of 55% less than a traditional temp agency. Benefits like these have drawn clients such as Compass Group and Lord’s Cricket Ground to Syft.
In under 2 years, Syft has drawn over 4,000 job seekers to the app who benefit from the start-up’s flexibility and transparency. The job seeker is able to be their own boss by seeing exactly who they are working for, and what the role involves prior to the shift, without the need to go through a middle-man. After a few swipes on the app, job seekers can be added to the rota for shift that pays on average £9.37 an hour, considerably higher than the average London hospitality wage. Other positions available on the app include bar staff, waiting staff, baristas, chef roles, team leaders, and receptionists, that can pay up to £30 an hour.
Syft offers the highest quality flexible workers on the market. In order to offer this, and differentiating Syft apart from other recruitment apps, is their unique vetting system. All job seekers are fully vetted in person, to make sure they have the right skill sets and experiences so they will only be offered jobs appropriately aligned to their skill set. After being approved, job seekers are offered work via a push notification on their smartphone, as and when the work is posted. Work is offered both in advance and last minute: Syft is a convenient and functional way of gaining extra work within cities.
The platform allows direct access between employers and staff, and handles all payroll and tax obligations, with the employer paying staff wages and any National Insurance contributions via the app.
Syft’s recent raise places them as the UK market leader, in the world’s most attractive temporary staffing market. The London-born startup plans to utilise the recent raise to catapult expansions into the warehousing and industrial sectors, as well as drive expansions into Liverpool, Leeds and Birmingham.
Johan Brenner, General Partner at Creandum and one of Europe’s most experienced investors and entrepreneurs, has also been appointed onto Syft’s board of directors. On the raise, he said “Syft has become the best marketplace for temp workers thanks to a beautiful product that fits companies of all sizes and workers with varying skill sets. What sets Syft apart is a winning combination of a top-notch team, excellent product, and a model that addresses all the shortcomings of traditional temp agencies.”
Co-founder Jack Beaman continues, “Attracting a fund of the standard and reputation of Creandum is not only very exciting for us, but also for the UK startup scene. It’s exciting that we continue to see large funding rounds coming into the UK after the Brexit vote. This round will help us consolidate our position in the UK, expanding nationwide and launching new sectors.”
Highlights of the funding round include:
- Significant institutional investors include Creandum, PROfounders Capital, Colle Capital.
- Alex Daly, the founder of Arcsight, and founder of Photobox, Graham Hobson, were involved as angels.
- In seed funding, 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 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%.
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.
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.