SAN FRANCISCO--(BUSINESS WIRE)--Lystable, the freelancer collaboration app used by managers in publishing, fashion, content marketing, and video production, today announced it has added $10 million to its Series A funding, doubling the company’s valuation since June of last year.
Valar Ventures, founded by Peter Thiel, James Fitzgerald and Andrew McCormack, led the additional financing with participation from earlier investors Max Levchin’s SciFi VC (formerly HVF Investments), Kindred Capital and Goldcrest Capital, as well as new investors Glynn Capital and Wilmont Ventures.
The additional funds bring Lystable’s total investment capital raised to $25 million.
“The freelance economy is the new normal, and became that way extremely quickly,” said SciFi VC Partner Eric Scott who is joining Lystable’s board of directors. “Companies at the forefront of this trend are scrapping their spreadsheets and antiquated Freelance Management Systems, and opting for Lystable’s freelancer collaboration app to do the job, because it’s so much more efficient and easier to use.”
The number of freelance workers is growing quickly around the world, but especially in the U.S. where more than one in three workers are freelancers today. By 2020 – just three years away – that number is expected to grow to 40%, according to Deloitte Consulting’s Global Human Capital Trends 2016 report.
Lystable streamlines freelancer collaboration with its free app for managing profiles, assigning work, tracking invoices and making payments. Just a few of Lystable’s customers include The Economist, Expedia, NY Daily News, Airbnb, ESPN, CNBC, IDEO, and Google.
“The additional capital will be used to continue to expand our team in the U.S. and specifically to launch a major new product later in 2017,” said Peter Johnston, Lystable founder and CEO.
Added Valar Ventures Founding Partner Fitzgerald: “Lystable is at the heart of a seismic shift in how people work. The concept of having a single, full-time employer is increasingly a thing of the past. As the freelancer economy grows, companies of all sizes need an efficient and streamlined way to manage their growing army of freelancers.”
Lystable is a freelancer collaboration app. Managers in publishing, fashion, content marketing and video production streamline working with freelancers by using Lystable to manage profiles, assign work, track invoices and make payments. And it’s free. Founded in London in 2014, Lystable’s headquarters are in San Francisco. Investors include PayPal co-founders Peter Thiel through Valar Ventures and Max Levchin through SciFi VC, Goldcrest Capital, and Kindred Capital.