Hyr

Marketplace For The "Gig Economy"

Company Information

Website:

https://hyr.work/

Sector:

Mobile Software & Services

Location:

New York, NY

Hyr is a mobile marketplace serving the “gig economy.”

Specifically, its platform enables businesses in the hospitality, retail, and event-based industries to find available, qualified temporary workers.

Employees, meanwhile, can search for open jobs on-demand. Hyr even enables them to earn special “UPoints” which can be cashed in for days off and healthcare coverage.

(Please note: This particular startup is raising funds from “accredited” investors only. An accredited investor is someone with a net worth of at least $1 million, or annual income of at least $200,000, or $300,000 with their spouse.)

In less than three years, Hyr has achieved significant progress. It has:

• Reached a $1 million annual revenue run rate.

• Attracted 225+ businesses like WeWork and Marriott.

• Received investments from top venture firms including Flybridge Capital Partners and Newark Venture Partners.

Furthermore, the company has an accomplished team of advisors, including the Head of Customer Success at LinkedIn, the former President of Office Depot and Macys, and the former Economic Advisor to Vice President Joe Biden.

In a gig economy, employees hold several temporary, hourly jobs. This is in contrast to traditional full-time work. According to Forbes, 57 million Americans, or more than one third of the U.S. workforce, are part of this economy.

The gig economy provides workers with more flexibility than a “9 to 5” job. According to a 2018 study by Freelancing in America, an annual report detailing the status of the independent workforce in the U.S., 84% said the gig economy allows them to live the lifestyle they want, while close to half said it provides the flexibility they need.

One drawback to this type of employment structure is workers often lack adequate healthcare coverage or retirement options. In fact, in the same 2018 study, 22% of gig workers said access to affordable healthcare is a top concern, and 19% said their main issue was saving for retirement.

Hyr’s marketplace affords members of the gig economy access to healthcare and savings accounts, while at the same time enabling them to find open shifts at more than 200 companies.

Hyr has been called “The Airbnb for hourly paid work” by CBC News, and serves businesses and employees in the U.S. and Canada.

The platform enables businesses to:

• Post available shifts with their specific needs and rate of pay.

• Fill shifts by reviewing applicants and selecting one by “swiping” on the app.

• Pay workers directly on the platform.

• And earn UPoints for every shift filled, which can be redeemed for free labor.

At the same time, Hyr enables workers to:

• Create a profile highlighting their skills, hourly rate, and availability.

• Find and apply for open shifts.

• And collect UPoints, which can be redeemed for paid days off. In the future, these points will be able to be put toward healthcare coverage or retirement savings. Workers get paid at the conclusion of each shift via direct deposit, and funds are transferred in days, not weeks like other platforms.

Hyr generates revenue by earning a small percentage of pay for every hour an employee works.

The company holds a 4.6-star average rating on the App Store, and has been endorsed by both businesses and employees.

Said a restauranteur named Yannick, “Hyr is a revolution for our industry. Hyr isn’t another overpriced and inefficient staffing agency. Instead, Hyr helps us fill last-minute needs with skilled professionals that are already working in the industry, who are looking to work an extra shift or two each week.”

And Kevin J., a gig economy worker and regular Hyr user, noted, “I had heard about Hyr through an article and decided to give it a try. I was looking for a side job and Hyr provided me with an option that was flexible and easy. I can work where I want, and according to my schedule.”

Hyr launched in 2017, and has been growing fast ever since.

2018 revenue increased 270% from 2017 ($217,000 from $57,000), and its 2019 year-to-date revenues ($273,000) have already surpassed last year’s total.

Hyr is raising funds to increase its marketing budget, scale its sales team, and attract additional businesses to its platform.

Team Background

Erika Mozes - Co-Founder & COO

Erika is a public affairs executive with experience representing some of the world’s top brands. These include McDonald’s, GlaxoSmithKline, and Coca-Cola.

Specifically, she was previously a public affairs and communications consultant for McDonald’s Canada, and Director of Public Affairs for Coca-Cola.

In addition, she spent nearly three years as a senior manager for external relations for GlaxoSmithKline, and was Communications Director for John Tory’s 2014 mayoral campaign in Toronto.

Erika earned an Honours degree in Political Science from Western University.

Joshua Karam - Co-Founder & CEO

Joshua’s background in the hospitality and retail industries was the inspiration behind Hyr.

He was Founding Director of Synchronize HR, a human resources company helping workers in Canada find employment.

He was a member of the Hospitality Management Advisory Committee at Humber College, where he helped ensure the school’s curriculum was relevant to students focused on the hospitality industry.

For nearly six years, Joshua was Assistant Director of Human Resources, and later Director of Human Resources, for The Westin Harbour Castle, a luxury hotel in Toronto. In addition, he was Director of Human Resources at the Toronto Airport Marriott Hotel.

He earned an Honours degree in Human Resource Management from the University of Ottawa.

Misha Makara - VP of Engineering

Misha joined Hyr’s team after serving as the Managing Director for Gaingels, an investment company.

He is a former adjunct professor at NYU, and was on the Cybersecurity Advisory Board at Rutgers University.

He has engineering experience at notable companies including Dell SecureWorks and Wayfair, and was CEO of RedBottle Design, a startup focused on building web applications for businesses.

Misha earned a Bachelor’s degree in Networking Security and an MBA from Rochester Institute of Technology.

Co-Investors

Flybridge Capital Partners

A VC firm that invests in seed-stage and early-stage technology companies. Successful “exits” include BlueTarp Financial, Restorando, and Mattermark.

Gaingels

Investing in companies led by LGBT founders and executives. Portfolio includes Excision (biotech company), Breaking Fourth (virtual reality company) and Chicory (a grocery advertising company).

Newark Venture Partners

A New Jersey-based VC firm investing in early-stage tech companies. Portfolio includes GitLinks, WearAway, and Bowtie.

Social Starts

Early-Stage Venture Fund. Portfolio includes Adaptly, Boxed, and Zemanta.

XFactor Ventures

A VC fund that invests in pre-seed and seed-stage companies.