Software firm closes first round of £6.1m investment scheme
SOFTWARE FIRM Syft has closed its Series A investment funding round of £6.1m.
The round, led by Spotify’s first investors Creandum also includes backing from PROfounders Capital and Colle Capital, alongside existing angel investors such as David Haye and Lord Young, taking Syft to an overall £8.7m total funding in 20 months.
Launched in November 2015, Syft offers a revolutionary online staffing platform for the hospitality and events sector in Leeds, London and Manchester.
Syft markets itself as a cost and time efficient for employers, giving them direct access to high quality, fully trained staff via the app, which allows employers to view a range of job seekers with varying experience at an average cost of 55 per cent less than a traditional temp agency.
Clients include Compass Group and Lord’s Cricket Ground.
In its less than 24 months of being operational Syft has drawn more than 4,000 job seekers to the app.
After a few swipes on the app, job seekers can be added to the rota for a shift that pays on average £9.37 an hour, considerably higher than the average London hospitality wage.
The platform allows direct access between employers and staff, and handles all payroll and tax obligations, with the employer paying staff wages and any National Insurance contributions via the app.
Johan Brenner, general partner at Creandum and one of Europe’s most experienced investors and entrepreneurs, has also been appointed on to Syft’s board of directors.
He said: “Syft has become the best marketplace for temp workers thanks to a beautiful product that fits companies of all sizes and workers with varying skill sets.
“What sets Syft apart is a winning combination of a top-notch team, excellent product, and a model that addresses all the shortcomings of traditional temp agencies.”
Co-founder Jack Beaman added: “Attracting a fund of the standard and reputation of Creandum is not only very exciting for us, but also for the UK startup scene.
“It’s exciting that we continue to see large funding rounds coming into the UK after the Brexit vote.
“This round will help us consolidate our position in the UK, expanding nationwide and launching new sectors.”