PARIS--(BUSINESS WIRE)--One year after its commercial launch, the worker-centric temporary staffing marketplace iziwork announces a EUR 12 million Series A funding round with the global venture capital fund Cathay Innovation, and its early investor Global Founders Capital. This brings to EUR 20 million the total amount invested in the JobTech startup which leverages data and technological innovation to positively transform the way candidates and employers experience temporary work and increase labor market liquidity.
Founded on September 3rd, 2018 by Mehdi Tahri and Alexandre Dardy, two Amazon and Alibaba alumni, iziwork has become, thanks to its scalable digital marketplace model, the digital leader of temporary employment in France with 200,000 temporary workers and more than 200 enterprise clients in about 100 cities.
This fundraising will enable the company to double its technology investments and accelerate its commercial deployment across France. The Paris-based startup, which already counts 120 employees, plans to double its team over the next 12 months.
A disintermediated "marketplace" model to better serve temporary workers and employers
iziwork has adapted best practices from leading e-commerce marketplaces, to radically improve the way workers access and experience temporary work, and to offer employers from large enterprises and SMBs, a better quality of service at a lower cost.
The platform offers its corporate clients immediate access to the 200,000 "iziworkers" through its app. In addition, iziwork enable its clients to reach more than 500,000 job seekers, on social networks, job boards, and through local partners such as public employment agencies.
The disintermediation of temporary labor that iziwork is undertaking through its digital marketplace model and the automation of low value administrative tasks, benefits both companies and workers. iziwork’s lower cost structure results in significantly lower prices than traditional agencies for its corporate clients, enabling temporary workers to seize more job opportunities.
To better attract and retain temporary workers, iziwork empowers them with tools that enable them to take control over their careers. As their employer of reference, iziwork also provides a caring and meritocratic environment where their reliability at work is rewarded with several advantages. In addition, the platform supports workers in their professional development through personalized mission & training for their career paths.
"Temporary workers are at the core of iziwork’s model. We want to transform their experience of temporary work not only with a convenient instant access to a large number of job offers on the application, but also well beyond their shifts with a full range of services that make their daily lives easier and allow them to focus on their work. For example, an "iziworker" can earn 800 euros per year in performance-based bonuses through our superworker loyalty program, access a loan at only one euro per month to finance their projects, or benefit from free trainings leading to better paid jobs. It is by attracting and retaining the best workers that we are able to offer our customers a unique quality of service."
Mehdi Tahri - Co-Founder of iziwork.
"Across the world, technological platforms are transforming Human Resources, the way in which employees manage their careers and how companies handle recruitments. This topic is one of Cathay Innovation’s favored investment themes; as illustrated by our investment in IfChange (the leading data driven recruitment platform in China) and our recently announced investment Terminal, the San Francisco platform dedicated to the building of remote engineers teams. Furthermore, we pay close attention to the fact that Iziwork solutions have a very positive impact on society. With this global vision in mind, we were enthralled by the quality of the team and platform developed by Mehdi and Alexandre and impressed to see that Iziwork appears as the startup having since its launch the fastest growing revenues we have ever seen in France!"
Denis Barrier – Co-founder & CEO at Cathay Innovation
On the customer side: iziwork’s quality of service
● 95% of positions filled in less than 4 hours
● 30% reduction in customer turnover
10% to 30% savings on the cost of temporary work on an equal pay basis
