Salaryo, which provides freelancers and startups with financial flexibility, has collected $5.5m in its funding round.
The investment was made up of a mixture of debt and equity. Ruby Ventures supplied the debt and Michael Ullmann’s investment group provided the equity. These funds bring the startup’s total equity raised up to $6.3m.
Following the close of the round, the company hopes to scale its services to more than 500 coworking office locations across 20 new cities, including Washington DC, Austin and Denver.
The FinTech provides security deposit financing for new coworking office members and a flexible credit line for existing shared tenants. Launched in 2018, the New York-based company has helped entrepreneurs and startups get easier access to workplaces like WeWork, Industrious, Office Evolution, The Yard and others.
Clients can access cash release for setting up their office, with the platform automatically analysing a tenant’s identity, lease, financial and professional information to make a decision.
Salaryo CEO and co-founder Yair Levy said, “Salaryo’s latest round of funding is a vote of confidence for the shared workspace industry and will enable us to remove the biggest concern for our customers – cash flow – so that they can focus on growing their business.
“Our goal is to support freelancers and entrepreneurs in taking their first steps by helping them afford an office space. The benefits of shared workspaces make access to them a fundamental way for people to do their best work. Even if a business is already settled in a coworking space, Salaryo will foster its growth by providing affordable and flexible credit on-demand.”
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