Our Investment in Gigpro

From intimate dinners at local bistros to conferences, celebrations, and vacations at luxury hotels to Taylor Swift arena shows, the hospitality industry is at the core of our social fabric. It’s where memories are made, relationships are nurtured, and communities are built. 

Frontline workers are the backbone of the hospitality industry and make these beloved experiences possible. Hospitality businesses like restaurants, hotels, and venues need a reliable and adaptable workforce to maintain high service standards amidst constantly fluctuating needs. Service jobs are hard work and require the right mix of competence, communication skills, and grit. Shifts are long and can be physically and mentally taxing. These factors make staffing both crucial and challenging. 

The global pandemic exacerbated the hospitality industry’s workforce challenges, shifting them from acute to existential. Many workers left the industry in search of safer and more stable employment. While society has returned to seeking out restaurants, hotels, and event centers for rich real-world experiences, the labor market has not kept up with the resurgence of demand. As the hospitality industry adapts and evolves, gig workers play an essential role in the path forward.

The rise of gig work started long before COVID, but the pandemic gave it tailwinds. The way we work and live has materially shifted. Workers desire flexibility and control over their schedules, which is more possible today than ever. Platforms like Uber, Lyft, Doordash, and Instacart have popularized and democratized access to the gig economy for transportation and delivery. Foundry’s newest portfolio company, Gigpro, is at the forefront of bringing the power of the gig economy to the hospitality industry.

Launched in 2021, Gigpro is an on-demand labor marketplace for hospitality. With Gigpro, businesses in 28 cities nationwide can post shifts for a variety of hospitality roles and receive applications from qualified, vetted professionals within minutes. On the talent side of the marketplace, Gigpro empowers hospitality workers (“Pros”) to take more ownership over their professional lives. The marketplace enables Pros to select shifts and establishments that work best for them. Pros on the platform can gain skills, exposure, and credibility in their local markets while maintaining flexibility. 

We recently led Gigpro’s Series A financing, alongside Stage 1 Ventures, Stage 2 Capital, who introduced us to the company, and Detroit Venture Partners. Gigpro is based in Charleston, South Carolina and led by Sam Mylrea, a seasoned entrepreneur and fellow marketplace nerd. Sam and the team are mission driven and as service-oriented as their customers. Gigpro customers rave about the company’s customer service and, in many cases, credit the platform for playing a fundamental role in surviving the pandemic. One customer even told us: “I would have left the industry altogether if not for Gigpro.” 

In addition to an exceptional team and demonstrated product-market-fit, we’re excited about the many vectors of overlap between Gigpro and Foundry. The company fits squarely in our marketplace theme alongside portfolio companies like Rover and Xometry, which create liquidity and optimization for fragmented markets with large shadow demand. We’ve gained experience building technology for the hospitality industry via investments in companies like Wholesail and Arryved. We’ve closely followed the emergence of the gig economy via The New Builders (co-authored by our partner Seth Levine) and our investment in gig economy payments company, Gig Wage. Lastly, we’ve long believed that great companies can be built anywhere and are thrilled to add Gigpro, the fastest-growing company in South Carolina, to the mix. We now count both Carolinas among the homes of Foundry portfolio companies–AvidXchange (AVDX) is based in North Carolina.

You can read more about Gigpro and the Series A financing here. And if you’re in the industry, post a gig or apply for one!