- Backed by Flybridge Capital Partners, Newark Venture Partners, XFactor Ventures, Gaingels, and Social Starts.
- Advisors include the Head of Customer Success at LinkedIn; the former President at Office Depot, CVS, and Macys; and the former Chief Economist and Economic Advisor to Vice President Joe Biden.
- More than 225 active businesses on the platform, include MealPal, WeWork, Marriott, Sheraton, Platterz, and more.
- Revenue grew 270% from 2017 to $217k in 2018, and YTD 2019 revenue has already exceeded FY 2018 revenues at $273k (2019 YTD as of May 31, 2019; unaudited).
- To help scale quickly, Hyr has established an API integration partnership with 7shifts, a leading scheduling platform, to provide restaurants using 7shifts the opportunity to seamlessly post their unfilled shifts on Hyr.
- Total Amount Raised: US $538,500
- Total Round Size: US $1,000,000
- Bridge :
- Minimum Investment: US $10,000 per investor
- : Convertible Note
- US $8,000,000 :
The gig economy consists of companies and independent workers that use tech platforms to contract with each other for short-term engagements. Gig work holds a certain allure, offering freedom and independence where stability and structure once reigned. Freelancing in America is one of the most comprehensive measure of the gig economy workforce. Their 2018 study delves into why Americans are choosing to work in the gig economy:
- 61% prioritize lifestyle over earnings;
- 84% report that it allows them to live the lifestyle they want; and
- 42% report that it provides the flexibility they need.
Hyr set out to fill a massive gap for businesses: access to gig workers, and relief from high turnover and call-offs. With same-day availability, businesses post shifts on Hyr’s app highlighting their needs, hourly rate of pay, and more. Businesses then review skilled and rated workers who apply for the shifts, and choose the one that best fits their need.
Hyr also set out to fill a massive gap for workers: flex schedules, supplemental income, and fairness with UPoints. Workers create a Hyr profile that highlights their expertise, work history, and more. Workers are then notified of available shifts and apply to the ones that interest them.
One of their top priorities is to bring fairness to the gig economy, so Hyr created UPoints, a form of benefits that are portable for one’s entire working life. UPoints are earned with every shift and redeemable for whatever matters most to you, hence the name UPoints. Today UPoints are redeemable for UDays, which are equivalent to paid vacation days, and as Hyr grows, they will be redeemable for healthcare, savings, and more. Freelancing in America’s study found that 22% of gig workers said access to affordable healthcare is a top concern, with saving for retirement at 19%, and being able to put enough money into savings at 15%.
Dubbed "The Airbnb for hourly paid work" by CBC News, Hyr caters to hospitality, retail, and event businesses across the U.S. and Canada that have traditionally asked employees to tackle a variety of tasks, many of which sit outside the employee's core skill set. It’s just part of the resourceful-by-necessity nature of a service business. But learning on the fly is stressful, and unforeseen work leads to long hours, which can affect job satisfaction, quality of work, and customer satisfaction.
As businesses embrace the gig economy, they can hire gig workers to take on specific scopes of work in specified timeframes. When a gig worker is assigned to a pressing short-term project, it eases the stress and workload on full-time employees. It also brings more flexibility and agility to budgeting. When businesses need to scale up or scale down, their hiring can reflect that without the traditional overhead that comes with employees.
With same-day availability, businesses post shifts on Hyr’s mobile app by highlighting their specific needs, location, all-in hourly rate of pay, and more. Then they review skilled and rated gig workers who elect to make themselves available for the shifts, and they choose the workers that best fit their need.
"Hyr helps during busy periods and sick call offs. The on-demand staffing allows us to fluctuate our support staff from the convenience of a hiring app." - Kyrn S., Restaurant Manager, Byblos
"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." - Yannick B., Restauranteur
Credit card payments are handled seamlessly in app after each shift using Stripe, one of the most trusted and secure payment option.
Hyr primarily attracts new businesses through a combination of direct selling, industry organizations and conferences, and word-of-mouth referrals. They recruit their pool of gig workers via targeted online marketing and word-of-mouth referrals.
Gig workers create their Hyr profile in minutes by highlighting their particular expertise, work history, hourly rate, availability, and more. Then they are notified of available shifts that meet their needs, and they apply for the ones that interest them the most. Workers on Hyr are typically already working a full-time or part-time job, but looking to earn a bit of extra money, fast. Workers get paid at the conclusion of each shift by direct deposit to the worker’s bank account within three days, not weeks.
"Work it!! Schedule freedom, make your own shifts, be your own boss, expand your network, and still have all the time to do YOU!" - Mandy M., Hyr Pro
"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." - Kevin J., Hyr Pro
Hyr is proud to be a New York based company. They first launched operations in Toronto in February 2017 followed by New York City in July 2017, and Hyr is now being used by hospitality, retail and event businesses in Chicago, Seattle, Austin, Los Angeles, Miami, Vancouver, Ottawa, and more.
Revenue is generated from a take rate on every hour worked - the difference between what a business pays Hyr each hour and what the gig worker earns per hour.
YTD as of May 31, 2019, the Hyr team has achieved 171% of goal and 34% month-over-month growth.
The above individuals were not compensated in exchange for their testimonials. In addition, their testimonials should not be construed as and/or considered investment advice.
Co-Founders: Hyr's Co-Founders set out to help both workers and businesses alike. Joshua and Erika understand both sides of this equation all too well. As hourly paid hospitality workers themselves once, there were many times they experienced too much month at the end of the money. And later in their careers, when they worked on the business side, they struggled to find great hourly-paid workers given today’s ever-shallowing labor pool. To help close this gap, they came together to build a worker-focused platform that connects the two parties, and addresses the many issue workers face when they choose to enter the gig economy.
VP of Engineering: One of Hyr’s greatest strengths continues to be the value of their underlying tech, which is built in-house using some of today’s most powerful and emerging technologies. Misha, who leads Hyr’s tech team, first joined in 2017 as an angel investor from Gaingels. As the Managing Director at Gaingels, he was responsible for completing technical due diligence on the company prior to investment, and he was so intrigued about the excitement Hyr was building that he left his leadership role with Dell SecureWorks to join Hyr as their VP of Engineering.
Frequently Asked Questions
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by Hyr. Once Hyr accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to Hyr in exchange for your securities. At that point, you will be a proud owner in Hyr.
Preferred equity is usually issued to outside investors and carries rights and conditions that are different from that of common stock. For example, preferred equity may include rights that prevent or minimize the effects of dilution or grants special privileges in situations when the company is sold.
A convertible note is a unique form of debt that converts into equity, usually in conjunction with a future financing round. The investor effectively loans money to a startup with the expectation that they will receive equity in the company in the future at a discounted price per share when the company raises its next round of financing.
To learn more about startup investment types check out “How to Choose a Startup Investment” in our academy.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or passport
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
Because Hyr is offering its securities under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
Until a closing occurs, you may cancel your investment at any time, for any reason. You will receive an email when the closing occurs and your securities have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your portfolio page by clicking your profile icon in the top right corner.
Currently there is no market or liquidity for these securities. Right now Hyr does not plan to list these securities on a national exchange or another secondary market. At some point Hyr may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when Hyr either lists their securities on an exchange, is acquired, or goes bankrupt.
You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement.
This is Hyr's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity.
This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire investment amount. In addition to these risks, you should carefully consider the specific information and risks disclosed in Hyr’s profile.