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Gig App Bacon.Work Secures $8 Million Funding From Established Financers & V...

 2 years ago
source link: https://venturebeat.com/2022/08/04/gig-app-bacon-work-secures-8-million-funding-from-established-financers-vc-exec-who-once-used-bacon-to-find-temp-jobs/
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Press Release

Gig App Bacon.Work Secures $8 Million Funding From Established Financers & VC Exec Who Once Used Bacon to Find Temp Jobs

The “never be jobless” app offers Great Resignation solution by offering hourly employment for displaced workers & helping companies meet shifting demands

PROVO, Utah–(BUSINESS WIRE)–August 4, 2022–

The Bacon (www.bacon.work) on-demand workforce app has received $8 million in Series A-1 funding from some of the nation’s premier investment firms-as well as a former gig worker who is now investing in the company he credits for his comeback. The “temp agency in an app” will use the latest funding to hire key team members and expand to 40 more markets in the next 18-24 months.

The new investors in Bacon include Grayhawk Capital in Phoenix, 2.0 Ventures in Salt Lake City, and Elevate Capital in Portland. They are joining follow-on investors, Hall Venture Partners in Provo, Utah, and Assure Syndicates, in Salt Lake City.

“Bacon is successfully responding to the enormous changes in the economy from the Great Resignation, worker shortages and the pandemic,” said Hunter Sebresos, Bacon founder and CEO. “Using on-demand labor protects and helps workers and companies during uncertain times.”

Bacon has been called the “Uber of hourly work” by letting companies with variable temporary staff requirements of selecting, screening and hiring qualified workers in moments. Likewise, the free app allows workers to easily find and select hourly shifts to fit their own schedule and lifestyle. Bacon doesn’t charge a fee for letting companies hire a Bacon worker full-time.

Bacon has provided more than 240,000shift work opportunities to more than 165,000 workers and 650 companies in Arizona, Florida, Georgia, Idaho, Illinois, Michigan, Minnesota, Nevada, Virginia, Tennessee, Texas, Utah, Wisconsin and Washington, D.C.

Gig worker to gig investor

Assure Managing Director Landon Ainge discovered Bacon after he lost his job at a startup and used the app to make connections with dozens or people and businesses. Ainge shared on LinkedIn why he now wants to offer others the same benefits he received from the company.

“I knew how Bacon helped growing companies and individuals in all walks of life,” said Ainge. “When I was looking for a promising company to invest in–I knew Bacon was where I would help my investors deploy their capital.”

Assure Syndicates is investing in Bacon and the firm provides innovative, industry-unique matchmaking services for venture investors and entrepreneurial founders.

Why others are Investing big in Bacon

Elevate Capital is a Pacific Northwest-based venture capital firm that invests nationally in early-stage underrepresented entrepreneurs, that includes women, BIPOC, LGBTQ+ and veterans.

“Elevate Capital invests in underserved founders and building companies that maximize human potential,” said Nitin Rai, Elevate Capital Founder and Managing Partner. “As a Marine Corps vet, Hunter and Bacon embody the Elevate Capital spirit and investment philosophy.”

2.0 Ventures is a new Utah-based Venture Capital (VC) group that focuses on being strategic on doing the right thing for businesses and investors.

“Bacon is disrupting a large, legacy market of temp agencies which lack innovation and marketplace dynamics,” said Benson Metcalf, 2.0 managing partner and CEO. “We love all the hustle on display.”

Grayhawk Capital is a long-respected VC group that invests primarily in B2B disruptive SaaS solutions for different industries, including healthcare, cybersecurity and financial technology.

“We are investing in Bacon because we are impressed with how Hunter is growing this business and disrupting antiquated temp market agencies,” said Brian Smith, Grayhawk Managing Partner.

Bacon has been a part of the legacy of Hall Labs and Hall Venture Partners (HVP) since the company’s beginning investment round in 2019.

“We’re happy to be backing Bacon again as they have demonstrated great traction in their existing markets and strategically opened new markets,” said Matt Van Dyke, HVP managing partner.

About Bacon

Bacon is like the Uber of hourly jobs by making it easy to work a “side gig” anytime, anywhere. Bacon connects employers to pre-qualified, available candidates who will work on-demand for as little as one shift. Bacon offers job opportunities for warehouse, construction, deliveries, catering, events, printing, laundry production, restaurants, retail and other jobs. The Provo, Utah, company started in 2018 and has attracted companies and employees in 14 states using the Bacon Work On-Demand app. For more information visit baconwork.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005156/en/

Paul Murphy
[email protected]

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