French startup Iziwork has raised a $43 million funding round. Cathay Innovation and Bpifrance’s Large Venture fund are participating in this funding round. The company has been building a platform focused on improving temporary employment.
While it’s a relatively large funding round, the startup is quite young. It was founded in September 2018 and it has raised $68 million overall.
Iziwork manages a marketplace of temporary work; 2,000 companies are using the platform in France and Italy, and 800,000 candidates have used the app to access job opportunities. You can consider it as a tech-enabled version of the good old employment agency.
Candidates can onboard directly from the mobile app. You then get personalized recommendations based on your profile (95% of assignments are filled in less than four hours). And of course, all your documents are managed from the app.
Iziwork tries to add some benefits to compensate for the fact that temporary workers often jump from one company to another. For instance, you get a time savings account, you can request a down payment on your pay every week, etc.
The startup has realized that it can’t open offices in every big and intermediate city. That’s why third-party companies can join the Iziwork network. As a partner, you find new clients and new job opportunities. You can then leverage Iziwork’s app, service and pool of candidates.
This is an interesting strategy, as it greatly increases supply on the Iziwork marketplace. Partners get a revenue sharing deal with Iziwork.
With today’s funding round, the company plans to expand to new countries and improve its tech product. There are still some growth opportunities in its existing markets as well.
But, let’s be honest, the temporary work market is huge. Adecco, Randstad and other legacy players still represent a bigger threat for this recent wave of temp staffing startups. Let’s see how it plays out in the coming years.