Announcing our seed fundraising of $5.3m to further empower app-based gig workers with earnings data, predictions & guarantees
We all know that the gig economy gives workers a degree of flexibility, but in many ways, the deck is stacked against them. Solo solves that, empowering gig workers with actionable, transparent information that will help them maximize their income. We’re building a platform that harnesses the power of community – in this case, the gig community – all contributing information that helps produce hour by hour earnings predictions that we guarantee. Workers should be able to enjoy the flexibility of this work without the anxiety of not knowing what they’ll be paid.
Today, we’re announcing that we’ve raised a seed round from a group of investors that are committed to improving the lives of millions of people that participate in the gig economy. These resources will go towards continuing to expand the amount of data and tools that we can put in the hands of drivers, shoppers, couriers and others so they can maintain their flexibility, while also knowing when, where, and what job to work.
Below, you'll find more information about the fundraising round and who we have partnered with to help reimagine independent work.
The details
SEATTLE, August 30, 2021 – Solo, an innovative platform for app-based gig workers, announced today that it has raised $5.3 million in a seed round of funding led by Slow Ventures to fuel its ongoing development and go-to-market efforts. Solo’s mission is to help workers optimize their time and maximize their income by leveraging community insights to power earnings predictions and dynamic income guarantees. The goal is to help tackle the problem of pay instability for those working in the gig economy.
“While the gig economy has provided flexible work for millions of people, the jobs come with minimal security and stability,” said Bryce Bennett, Solo CEO and co-founder. “We’re excited to put better data and tools in the hands of drivers, shoppers, couriers and others so they can maintain their flexibility, while also knowing when, where, and what job to work”
Solo tracks data across multiple gig platforms, including Uber, Doordash and Instacart, to provide city-level pay and performance benchmarks, including hour-by-hour earnings predictions that Solo guarantees, making up the difference if pay is less. Devin Jansa, a Solo user, who works with several gig platforms, said “Solo maximizes my potential as a driver by providing data on earnings, rush hours and which platforms are performing best. I’ve added new jobs using their pay predictions and am now earning 30% more per hour, guaranteed.”
Once a user securely links their accounts, the data is anonymously aggregated with the collective community, which provides a transparent market pay rate, helping workers harness multiple earnings sources to achieve their own financial goals. “Solo is bringing transparency to the gig economy and giving workers the information and power to earn more,” said advisor and investor Harry Campbell, The Rideshare Guy. “From their planning and goal setting features to their one of a kind 'earnings guarantees'. Solo is a company that is truly focused on building solutions that gig workers need.”
In addition to Slow Ventures, the seed round included participation from Expa, Red Sea, Fuse, Ascend and Kindergarten. Angels in the round included Harry Campbell, The Rideshare Guy; Dan Lewis, CEO of Convoy; Rob Hayes, First Round Capital; Jeff Wilke, former Amazon Consumer CEO; and Salle Yoo, former Uber General Counsel.
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