In this increasingly mixed work environment, Nowsta garnered venture money for its strategy to help companies better engage with their hourly workforces.
The company announced today that it has raised $41 million in Series B funding led by GreatPoint Ventures, bringing the total amount raised to $59 million. VMG Catalyst, Rally Ventures, Tribe Capital, and current investors Green Visor Capital, Compound Ventures, and Clocktower Technology Ventures joined GreatPoint in the round.
Nowata was formed in 2015 by CEO Nick Lillios, who spent the following year and a half developing the technology that arose from his work with foodservice suppliers in New York. The company’s technology was inspired by the operational complexity of hourly workforces, he said, as a response to current workforce management systems that couldn’t keep up with the changing nature of hourly work.
“Every employer is leveraging a contingent workforce and trying to use 1099 workers to fill in the gaps. Our marketplace matches employers in need with employees, and you can see how they have been trained and vetted so employers can make quick decisions.”Nick Lillios, CEO, Nowata
Nowata’s web and mobile app combine workforce management features such as automated scheduling, time tracking, payroll, and communication into a single resource. It also includes an on-demand labor marketplace that connects employers with a skilled pool of workers sourced by trusted third-party staffing providers. There is also a wallet option, which allows users to be paid after each shift and track their profits in the future.