Gigable targets €800,000 crowd funding round

Deal values company at €7.56 million

Shift work marketplace Gigable is aiming to raise €800,000 through an equity crowdfunding campaign as it plans growth overseas.

The company, which was founded in 2019 by John Ryan, is planning to use the funding it raises through Spark Crowdfunding to support further growth in the UK and to begin operations in the US.

The funding values the company at €7.56 million.

Gigable is a service platform for workers in the freelance gig economy, connecting businesses with workers such as food delivery drivers, waiting staff, security guards, warehouse operatives, kitchen porters and event stewards.

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The platform allows them to accept jobs, send invoices, communicate and receive payments. Freelance workers also get a workplace benefits package, including digital GP services, mental healthcare, accident and injury cover, for businesses, functions include gig scheduling and management, gig worker live location-tracking, automated delivery allocation and management, payments, and a two-way rating system.

More than 45,000 freelancers are on the company’s database, partnering with employers such as the Press Up Group, Bombay Pantry, Subway and Eddie Rockets.

Gigable has processed more than €9 million in transactions and is currently on track to generate €100,000 in monthly recurring revenues by the end of the year.

“With the gross value of transactions in the global gig economy worth $500 billion, we are well-placed to take a share of this,” Mr Ryan said. “The business model is proven in Ireland and the UK and we are now looking to the USA to accelerate our growth rates. Having raised funds from institutional investors it makes sense to bring private investors in at this time, ahead of our planned Series A fundraising next year.”

Gigable’s previous backers include venture capitalists Delta Partners and Enterprise Ireland, and investors such as Suretank founder Patrick Joy, the former Google Ireland head John Herlihy, Hostelworld.com co-founder Tom Kennedy, and Voxpro founders Dan and Linda Kiely.

“We are highly impressed with what John and his team have achieved over the last two years,” said Chris Burge, chief executive of Spark Crowdfunding. “Their proprietary technology and clearly defined business model makes this a highly scalable business with global potential. We are delighted to offer Spark Crowdfunding investors exclusive access to a venture capital type investment opportunity.”

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist