What is Work Market?
Work Market, headquartered in New York City, operates an online platform designed to streamline the management of contingent workers and IT talent for businesses. The company facilitates the engagement, onboarding, and payment processes for freelance and contract employees, offering a comprehensive solution for organizations seeking to leverage flexible workforces. Its acquisition by ADP in January 2018 for an undisclosed sum highlights its significant impact and value within the human capital management industry.
How much funding has Work Market raised?
Work Market has raised a total of $61M across 4 funding rounds:
Series A
$6M
Series C
$20M
Series B
$10M
Series D
$25M
Series A (2010): $6M, investors not publicly disclosed
Series C (2015): $20M led by Industry Ventures, Silicon Valley Bank, Union Square Ventures, Spark Capital, and SoftBank Capital
Series B (2015): $10M supported by Spark Capital, SoftBank, and Union Square Ventures
Series D (2017): $25M featuring Accenture and Foundry Group
Key Investors in Work Market
Spark Capital
Spark Capital, founded in 2001 and headquartered in Chennai, India, is a full-service investment banking company.
Union Square Ventures
Union Square Ventures is a New York City-based venture capital firm that invests in transformative markets influenced by technological and societal changes. The firm targets a variety of sectors, focusing on innovative companies poised for growth.
Accenture
Accenture is a leading global professional services company that helps the world’s top businesses, governments, and other organizations build their digital core, optimize operations, accelerate revenue growth, and enhance citizen services—creating tangible value at speed and scale.
What's next for Work Market?
The substantial capital raised by Work Market, culminating in its acquisition by ADP, indicates a trajectory focused on scaling operations and enhancing its platform capabilities. The strategic investments received prior to its acquisition suggest a focus on expanding market reach and technological innovation in managing the evolving landscape of contingent labor. This strategic positioning allowed Work Market to become a key asset in ADP's broader suite of payroll and human resources solutions, enabling greater efficiency and compliance for businesses utilizing freelance and contract talent.
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