Steady, which offers US workers advice to help build stable income, has secured $15m in its Series B round.
Recruity Strategic Partners led the investment, with additional contributions coming from Flourish Ventures, Loeb Enterprises, Propel Venture Partners and CMFG Ventures.
Capital from the round will be used accelerate its growth in the US and bolster its data, product and technical operations.
In line with the deal, Steady will appoint a member of Recruity Strategic Partners to its board.
Steady CEO Adam Roseman said, ?With the unfathomable challenges being faced by hourly and gig workers in America today, it is necessary for them to be able to access a platform that provides them with community-based support.
?Steady mission of utilizing the power of our community data to better the outcome for the entire community is more critically important than ever and we are very excited to have the capital to be able to build aggressively to support America core workforce.p>
Launched in 2018, Steady offers American workers 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.
Before the pandemic, Steady stated there were around 53 million low-wage-earning Americans making an average of $10.25 per hour. While that is above the minimum hourly wage of $7.25, it is below what is considered a living wage. The coronavirus has put more emphasis on the support it offers.
Roseman said, ?Numerous very disturbing trends have emerged from our data during the current economic crisis, including nearly half of Steady Members with 50% or greater income loss are African American and over 70% of those Steady Members face such dire conditions that they are having to skip meals.
?We are focused on delivering immediate and measurable economic value to our Members during these unbelievably traumatic times.p>
In part of its commitment to its supporting workers during the pandemic, the company ambassador Shaquille ONeal launched a new targeted initiative Steady Together. The project helps workers quickly find high-demand jobs, earn cash grants and provide telehealth medical support.
Steady previously secured a $9m investment from Propel Venture Partners, 25Madison, Clocktower Ventures, and Commerce Ventures. Notably, in conjunction with the round, professional basketball player Shaquille ONeal has joined Steady as an advisor and advocate for the Build-Your-Own (BYO) workforce platform.
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