Ex-Web Summit staffer raises €1m
A former Web Summit worker has raised €1m from business angels including the former CEO of Paddy Power Betfair and the current boss of CPL Resources.
Peter O'Malley, and fellow co-founder Galen Lowney, persuaded Breon Corcoran, Anne Heraty and Paddy Cosgrave to fund their Dublin-based recruitment startup Advisable.com.
The company specialises in finding high-end freelance technology and marketing executives for short-term projects and contracts.
Frontline Ventures, a Dublin-based venture firm, led the round while Handy.com's Oisin Hanrahan also participated in the funding.
"Companies that use freelancers tend to be more efficient and productive while workers who freelance tend to describe their work as more enjoyable, empowering and independent," said Mr O'Malley, the startup's chief executive.
To date, Advisable has independent workers active in 53 countries, he said.
The company has sourced freelancers for "a wide range" of companies, he said, from multinationals such as SAP to other startups.
Advisable uses bespoke technology to identify and match specialist freelancers, said Mr O'Malley. He said that the startup's opportunity lies partially in the fact that most freelancers "have never used a digital platform to find work".
Mr O'Malley and Mr Lowney, who was previously a strategy consultant for the Boston Consulting Group and also worked in mergers and acquisitions for Paddy Power, intend to use the cash injection to grow the company's workforce and investigate new markets.
"We're going to move to San Francisco for a few months," Mr O'Malley said. "We want to see whether it's possible to expand in that market."
He previously led growth for the Web Summit and the Dublin startup Pointy.com, which recently secured a €10m funding round.
According to a recent report by McKinsey, expenditure on "high-level freelancers" that earn more than $75,000 a year in the US quadrupled from $122bn in 2014 to $490bn (€423bn) in 2017.
"In my opinion, harnessing the shift to a freelance white-collar workforce is one of tech's next big battlegrounds and the team behind Advisable.com are well-positioned to take advantage of this," said Mr Corcoran.
Will Prendergast, general partner at Frontline Ventures said: "Great talent is the ultimate advantage any company can have. Advisable is enabling companies to access the very best freelancers as and when they need them. Democratising access to this premium talent is a huge opportunity."