Hourly, a Palo Alto, Calif.-based platform to manage workers’ comp insurance, payroll and time tracking for small business owners, raised $7.15m in seed funding.
The round was led by Aya Peterburg and Haim Sadger of S Capital, with participation from Inovia Capital, J-Angels and 22 angel investors, including Amir Faintuch, SVP at Global Foundries, and Francoise Brougher, COO of Pinterest. Faintuch, who has been an advisor to Hourly, joined as Executive Chairman of the Board.
The raised capital will be used to expand rapidly into new markets.
Led by co-founder and CEO Tom Sagi, Hourly has created a mobile-first technology platform for small businesses to manage, pay and insure their workforce. It can help employers save money on workers’ comp insurance by partnering with insurance providers and leveraging real-time payroll data. The system also ensures accurate reporting down to the penny and helps avoid over- or underpayment of workers’ comp insurance premiums.