SpareHire Announces Successful Close of $750,000 Angel Funding Round

NEW YORK--()--SpareHire, the online marketplace that enables you to find and engage vetted, top-tier finance and consulting professionals for short-term projects, has closed a $750,000 angel investment round. Investors include family offices, investment firms, and high net worth individuals. SpareHire fills a critical niche, connecting clients with screened professionals for support with financial modeling, market research, business strategy, and presentations.

“We are excited about our value proposition and are eager to spread the word. SpareHire professionals consistently deliver high-caliber work at attractive rates, which is reflected in the 4.6 out of 5.0 average feedback rating across our completed projects. We intend to use this capital to further develop our platform and expand the SpareHire network,” said Ashwin Krishnan, Co-Founder.

Projects on SpareHire range from a few hours of remote Excel or PowerPoint support to multi-month on-site engagements. Admission into SpareHire’s professional network requires at least two years of investment banking, strategy consulting, private equity, or related work experience from a reputable firm. SpareHire’s 1,000+ professionals are primarily based in the U.S., and include entrepreneurs, stay-at-home parents, and independent finance professionals. Clients posting projects to SpareHire include investment banks, consulting firms, private equity firms, hedge funds, individuals, and businesses ranging from startups to Fortune 500s.

By employing a low-cost marketplace model without traditional bidding, SpareHire is able to deliver a fast and affordable matching process that is easy for both parties. Projects often receive applicants within hours and rates typically range from $75 to $125 per hour. It is free to post projects on SpareHire, and clients retain full control over confidentiality, budget, and professional selection. Payment and feedback ratings are handled electronically through the platform, and SpareHire earns 15% of the project value paid to the professional as a fee for its services.

“SpareHire enables clients of all types and sizes to quickly tap into an otherwise difficult-to-access talent pool, while simultaneously providing professionals with rewarding, flexible work opportunities. Studies predict that 40% of the American workforce will be freelance by 2020, and we firmly believe that skilled work will be a big part of this trend. The ability to match and complete projects with highly-skilled workers can create tremendous value for both parties,” said Vikram Ashok, Co-Founder.

About SpareHire

SpareHire is an online work marketplace that enables you to find and engage top-tier finance and consulting professionals for project-based work. It was founded in 2013 by ex-private equity professionals, and is based in New York City. For more info, visit https://www.sparehire.com, or call 212-882-1640.

Contacts

Media Contact:
BackBay Communications
Doug Allen, 212-520-1385, x 5
Doug.Allen@BackBayCommunications.com

Release Summary

SpareHire, the online marketplace that enables you to find and engage vetted, top-tier finance and consulting professionals for short-term projects, has closed a $750,000 angel investment round.

Contacts

Media Contact:
BackBay Communications
Doug Allen, 212-520-1385, x 5
Doug.Allen@BackBayCommunications.com