Hourly.io, a Palo Alto, Calif. -based workers’ comp and payroll startup, raised $27 million in Series A financing. The round was led by Glilot Capital Partners through its early growth fund, Glilot+. Additional backers include previous investors S Capital, MS&AD Ventures, J-Ventures and new to this round, Vintage Investment Partners and Upshot Ventures.
Tom Sagi, CEO and Co-Founder said: “We’re planning to expand our insurtech platform outside the state of California and make it available to one-third of the U.S. population by the end of 2023. This is part of our larger vision to completely change the workers’ comp game–for good.”
Hourly is an insurtech startup offering full-service payroll and workers’ comp insurance for small and medium businesses with hourly workers.
The company intends to use the funds to expand beyond the state of California, and scale its insurance platform nationwide.
Announcement: Hourly.io Announces $27M for Hourly Worker’s Payroll