Wingspan, which claims to be the first payroll system purpose-built for flexible workers, has secured $14m in its Series A round.
Andreessen Horowitz served as the lead investor. Existing Wingspan backers Distributed Ventures, Long Journey Ventures, Ludlow Ventures, and 186 Ventures also committed capital to the Series A.
The founders of Warby Parker, Harry’s, Allbirds, TubeMogal, and Catalant also participated.
Wingspan has earmarked the capital to expand its team, as well as bolster the investment into its platform.
Anthony Mironov and Greg Franczyk founded Wingspan in 2019 to remove the barriers of self-employed workers. Its platform accelerates payments and allows companies to work with contractors at scale.
It is an all-in-one, scalable solution for companies to onboard, pay and support contractors effortlessly and claims to save companies an average of $240 per contractor and 10 hours in time per week.
Wingspan co-founder and CEO Anthony Mironov said, “More and more companies rely on independent contractors to sustain and grow their businesses, but managing payroll and benefits for them is rife with challenges and headaches for both parties.
“Though much has been written about the future of work, actually supporting it requires a paradigm shift in how companies efficiently engage with independent contractors at scale. The shift toward a freelance economy was intended to minimise overhead and maximise flexibility, but it has also ended up creating an administrative crisis. We built Wingspan to catch up with the Zeitgeist.”
As part of the deal, Andreessen Horowitz general partner David Ulevitch has joined the Wingspan board of directors.
Ulevitch added, “The future of work is already here. And Wingspan has built the financial infrastructure to better enable it.”
With the close of the Series A, the FinTech company has raised a total of $23.5m in funding.
Last month, API-powered employment system Finch secured $40m for its Series B funding round.
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