PROVO, Utah--(BUSINESS WIRE)--Investors will have to wait to once again put money into Bacon.work after the “Tinder of temp jobs” closed its initial investment round of $3 million. Bacon is a fast-growing startup included in the Hall Opportunity Fund 1, the first tax-advantaged venture fund offered by the management team at Hall Venture Partners (HVP).
Bacon developed a smartphone app allowing employers to select and hire qualified workers and similarly it lets job seekers choose a shift in minutes. Since its launch in 2018, Bacon has attracted more than 10,000 people who use the app to find temp jobs at hundreds of businesses, including warehouses, manufacturing, retail, restaurants, catering and more.
“The initial funding is helping us accelerate our growth in Utah and Texas and will eventually allow us to expand nationwide,” said Hunter Sebresos, Bacon CEO. “This is a tremendous opportunity for meeting the huge needs in the thriving gig economy.”
An investment group established by former Pluralsight COO/CFO Greg Woodward and his wife Mary led the first investment round into Bacon and made significant investments into other startups included in the Hall Opportunity Fund 1. With the investment, Greg will be joining Bacon as a Board member.
“Greg’s experience in scaling companies is invaluable to a company at our stage. We are excited to be aligned with him and to benefit from his wisdom and expertise,” said Sebresos.
“The Bacon app is transforming temporary labor the same way other apps have changed how we order rides and rooms on our phones allowing individuals to capitalize on their skills and earning capacity by easily identifying and connecting them with earning opportunities all with a simple to use app,” said Woodward. “All of the companies with Hall Opportunity Fund 1 are enticing because of HVP’s ability to innovate and commercialize ideas that bring strong returns.”
More opportunities available
The Hall Opportunity Fund 1 is a $100 million fund allowing investors to participate in companies like Bacon being developed at Hall Labs. The business model of Hall Labs is patterned after the famed Edison Labs and has already produced more than $650 million in companies sold so far.
“For more than 6 decades, we have been bringing new technology to fruition,” said David Hall, HVP and Hall Labs founder. “Hall Labs has everything in one place, from funding, research and development to sales and marketing.”
Hall Labs is located within the Provo Opportunity Zone, identified as one of the nation’s top three “opportunity zone” clusters and gaining a reputation as the next Silicon Valley. Opportunity zones were created by the 2017 Tax Cuts and Jobs Act.
The zones are designed to promote jobs and economic development in distressed communities. Taxpayers who invest in a qualified opportunity zone can defer taxes on eligible capital gains.
About Hall Venture Partners
Hall Venture Partners (HVP) is located in Provo, Utah, and led by world-class partners David Hall, Derek Weber, Matt Van Dyke and David Kunz. HVP's Hall Opportunity Fund 1 provides growth capital and access to resources from for opportunity zone businesses that demonstrate commercial viability and a strong return profile. For more information, visit www.HallVP.com.
Bacon is making it easy to work a “side gig” anytime, anywhere. Bacon connects employers to pre-qualified, available candidates who will work on-demand for as little as one shift. The Provo, Utah, company started in 2018 and has attracted companies and employees throughout Utah and Texas using the Bacon Work On-Demand app. For more information, visit www.bacon.work.
About Hall Labs
Hall Labs brings together a team of innovators—scientists and engineers—at a modern, state-of-the-art campus located on a rehabilitated former steel mill site in Provo, Utah. The labs are tackling some of the world’s most challenging problems ranging from sustainability to personal transportation. “In an IoT world, we are the T, or the things of the internet.” Hall Labs and its portfolio of companies are located within the Provo Opportunity Zone. For more information, visit www.halllabs.com.