Lystable, an enterprise software firm for managing freelancers, has raised $11 million in a Series A round led by Valar Ventures and Goldcrest Capital along with Spring Partners.
Lystable’s software is used by the likes of Google and MTV to manage freelancers and independent contractors, a sector of the workforce that is growing rapidly in the US and Europe it said.
The London company has now also reincorporated as a US company as it intends to use the funds to expand further into the US and grow its San Francisco office to 35 people this year. Valar Ventures’ James Fitzgerald and Spring Partners’ Leila Zegna have joined Lystable’s board of directors as well as Adam Ross of Goldcrest Capital, who has joined as a board observer.
“This phase is now one of growth. We have figured out a lot of nuances and worked to make our model repeatable and scalable with large companies. Securing this funding allows us to scale out sales and marketing and bring in a number of key senior hires on product and engineering,” said founder Peter Johnson, a former designer at Google.
“Legacy software is not equipped to deal with the growing freelancer economy,” added Valar’s Fitzgerald. “Lystable’s product solves a real pain point for enterprises who are managing an increasing number of freelancers and contractors. Their product is in another league compared with the incumbents.”