Ex-Web Sum­mit staffer raises €1m

Irish Independent - Business Week - - TECHNOLOGY - Adrian Weck­ler

A FOR­MER Web Sum­mit worker has raised €1m from busi­ness an­gels in­clud­ing the for­mer CEO of Paddy Power Bet­fair and the cur­rent boss of CPL Re­sources.

Peter O’Mal­ley, and fel­low co-founder Galen Lowney, per­suaded Breon Cor­co­ran, Anne Her­aty and Paddy Cos­grave to fund their Dublin-based re­cruit­ment startup Ad­vis­able.com.

The com­pany spe­cialises in find­ing high-end free­lance tech­nol­ogy and mar­ket­ing ex­ec­u­tives for short-term projects and con­tracts.

Front­line Ven­tures, a Dublin-based ven­ture firm, led the round while Handy. com’s Oisin Han­ra­han also par­tic­i­pated in the fund­ing.

“Com­pa­nies that use free­lancers tend to be more ef­fi­cient and pro­duc­tive while work­ers who free­lance tend to de­scribe their work as more en­joy­able, em­pow­er­ing and in­de­pen­dent,” said Mr O’Mal­ley, the startup’s chief ex­ec­u­tive.

To date, Ad­vis­able has in­de­pen­dent work­ers ac­tive in 53 coun­tries, he said.

The com­pany has sourced free­lancers for “a wide range” of com­pa­nies, he said, from multi­na­tion­als such as SAP to other star­tups.

Ad­vis­able uses be­spoke tech­nol­ogy to iden­tify and match spe­cial­ist free­lancers, said Mr O’Mal­ley. He said that the startup’s op­por­tu­nity lies par­tially in the fact that most free­lancers “have never used a dig­i­tal plat­form to find work”.

Mr O’Mal­ley and Mr Lowney, who was pre­vi­ously a strat­egy con­sul­tant for the Bos­ton Con­sult­ing Group and also worked in merg­ers and ac­qui­si­tions for Paddy Power, in­tend to use the cash in­jec­tion to grow the com­pany’s work­force and in­ves­ti­gate new mar­kets.

“We’re go­ing to move to San Fran­cisco for a few months,” Mr O’Mal­ley said.

“We want to see whether it’s pos­si­ble to ex­pand in that mar­ket.”

He pre­vi­ously led growth for the Web Sum­mit and the Dublin startup Pointy. com, which re­cently se­cured a €10m fund­ing round.

Ac­cord­ing to a re­cent re­port by McKin­sey, ex­pen­di­ture on “high-level free­lancers” that earn more than $75,000 a year in the US quadru­pled from $122bn in 2014 to $490bn (€423bn) in 2017.

“In my opin­ion, har­ness­ing the shift to a free­lance white-col­lar work­force is one of tech’s next big bat­tle­grounds and the team be­hind Ad­vis­able.com are well­po­si­tioned to take ad­van­tage of this,” said Mr Cor­co­ran.

Will Pren­der­gast, gen­eral part­ner at Front­line Ven­tures said: “Great tal­ent is the ul­ti­mate ad­van­tage any com­pany can have. Ad­vis­able is en­abling com­pa­nies to ac­cess the very best free­lancers as and when they need them. Democratis­ing ac­cess to this pre­mium tal­ent is a huge op­por­tu­nity.”

Peter O’Mal­ley and Galen Lowney, co-founders of Ad­vis­able.com

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