- Over 1,000 paying customers across the PE/VC, Professional Services, and Enterprise segments
- Generated over $5.8M in annualized gross billings based on December 2018 volume (Unaudited)
- Secured $1.73M from existing investors, Ingwe Capital and Sarnihaan Capital, which is led by Eric Salzman (HBS '95), a former senior executive from Lehman Brothers and seasoned tech investor and board member
- Over 1,500 projects completed with average rating of 4.9 out of 5.0 stars
- Total Amount Raised: US $2,150,012
- Total Round Size: US $3,000,000
- Series A :
- Minimum Investment: US $5,000 per investor
- : Preferred Equity
- US $7,160,000 :
Larger companies oftentimes find themselves in need of outside expertise to learn about a new market, innovate, and stay competitive. The problem is that finding expertise through traditional consulting firms is slow, inflexible, and expensive (rates charged by Big-3 consulting firms can top $1,000/hr). SpareHire solves this problem by connecting companies in real time with a highly vetted pool of independent consultants (many with prior experience at Big-3 firms) for average hourly rates of approximately $125/hr.
SpareHire is a platform that connects highly vetted independent consultants with Fortune 500 companies, PE/VC firms and professional services firms for project-based work. We believe that companies are in dire need of a more flexible, affordable way to get consulting work done. At the same time, much of the world's talent is choosing to work independently. SpareHire builds software for these two sides to find each other and work together efficiently.
Companies post projects onto our platform using our intuitive software tools and within minutes are connected with relevant experts from our vetted pool of over 5,000 independent consultants.
SpareHire is currently used by hundreds of PE/VC firms, professional services firms, and Fortune 500 companies.
Our product is a two-sided online marketplace. Companies create profiles and post projects to access our network of consultants. Consultants apply to join our network and, once approved, create profiles that highlight their work experience, educational backgrounds, resumes, and work samples. Our software notifies consultants about relevant projects and invites them to bid on the work. Messages are exchanged, interviews occur, and a hire is made. After a hire is made, consultants and clients utilize our software to manage the project (e.g. time tracking, invoicing, payments, interim deliverables, etc.).
SpareHire makes money by taking a 25% cut of all payments made through our platform. Typical projects are $20-100K, resulting in $5-20K of revenue for SpareHire. Occasionally, projects will convert to a full-time employment relationship. SpareHire charges 20% of the first-year salary when projects convert to full-time hire, and typical full-time placement fees are $15-40K.
SpareHire is heavily focused on three main customer segments: Private Equity & Venture Capital Firms, Professional Services Firms, and Fortune 2000 companies. All three of these customer segments have a need for our service and, generally, have recurring needs. We employ a sales strategy to generate leads in these segments, nurture leads, close accounts, and expand relationships. We project our target customers will spend $1M+ annually on our platform.
SpareHire competes with consulting firms, staffing firms, and executive search firms. We are confident that we are faster, better, and cheaper than our competitors. We believe we're better because we can attract better talent than a staffing firm. We're cheaper because we leverage technology to cut out overhead that brick and mortar firms typically have (recruiters, partners, expensive offices, travel) and can thus deliver talent at a lower cost. We're faster because we match talent with projects in real time and can thus launch projects in a matter of days, not weeks.
- 1,000+ paying customers across PE/VC, Professional Services and Enterprise customer segments
- Over 1,500 projects completed with an average rating of 4.9 out of 5.0 stars
- 5,000+ highly vetted consultants in our network
"Finding experienced controllers in Louisville is challenging to say the least so when we found a professional like Robert through SpareHire we reached out to him immediately to assist us. Robert has exceeded our expectations so much so that he is still working with us as of today, 8 months later." ~ SVP at Middle Market PE Firm
"It was refreshing to have access to professionals with niche domain expertise through the SpareHire network. We were able to hire multiple consultants in a very short period of time and each delivered high-end work products while meeting our tight deadlines." ~Managing Partner of Middle Market PE Firm
*The individuals were not compensated in exchange for their testimonials. In addition, their testimonials should not be construed as and/or considered investment advice.
SpareHire came to be after its founder (Vikram Ashok, CEO) saw the need for the product first hand. Vikram was formerly a private equity investor at Quilvest (a $30B+ family office) and spent 50% of his time working with Quilvest portfolio companies to drive operational improvements. When Vikram left Quilvest to play competitive golf tournaments, his portfolio companies reached out to him for additional financial support. Vikram performed independent consulting work for his portfolio companies and used this income to pay bills while playing golf tournaments. He quickly realized that there was a huge opportunity to build a technology platform to solve this problem and brought in Jason (a friend from college) to be the technical founder.
Major Investor Rights for investors over $100K
Board observer rights for investors over $500K
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.
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 SpareHire. Once SpareHire accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to SpareHire in exchange for your securities. At that point, you will be a proud owner in SpareHire.
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 SpareHire 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.
Currently there is no market or liquidity for these securities. Right now SpareHire does not plan to list these securities on a national exchange or another secondary market. At some point SpareHire 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 SpareHire 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 SpareHire'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 SpareHire’s profile.