Steady raises $9m in round, alongside appointment of Shaquille O’Neal as advisor

Steady, a platform to help freelancers support their income, has secured $9m in its Series A funding round.

Propel Venture Partners led the investment, with Omidyar Network making a ‘significant’ contribution. Other backers included 25Madison, Clocktower Ventures, and Commerce Ventures.

Alongside the new round of funding, professional basketball player Shaquille O’Neal has joined Steady as an advisor and advocate for the Build-Your-Own (BYO) workforce platform.

Steady offers freelance workers an easier way to build financial stability, providing personalised income-building opportunities, income tracking, and discounts. Through the mobile app, users can apply for extra income opportunities and shift work from businesses, depending on location, interest, availability and goals.

A user can build their network of relevant community activity, learn from other workers, and build more connections, through Steady. Financial stability can also be improved via the app, with a series of financial products due to be launched and advice available on optimising lifestyles.

An exclusive marketplace is open to the workers, which gives benefits such as prescriptions and groceries, and discounts on expenses like auto care and telecom.

The platform launched last week and is already serving 100,000 customers in the US.

Capital from the round will be used to rapidly scale and extend its product features.

Propel Venture Partners partner Ryan Gilbert said, “Today’s workforce faces wage stagnation, underemployment and an increasing cost of living. All this leads to people just not making enough money to live the American Dream, and instead they’re caught in a very vulnerable place.

“We’re excited to back Steady in delivering much needed solutions aimed at the root problem—insufficient earnings. If people are to thrive in today’s changing world, a solution like Steady is imperative.”

As part of the deal, Gilbert and Propel Venture Partners vice president David Mott will join Steady’s board of directors.

Shaquille O’Neal said, “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control. Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.”

Copyright © 2018 FinTech Global

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