Hourly.io, an Israeli startup that says it is building a platform that helps small business owners to pay, manage and protect their hourly workers, Raised $27 million in a Series A round of investment led by Glilot Capital Partners. The company’s services apply to payroll management as well as all manner of insurance and so forth that an employer needs to provide his employees.
Large corporations have the resources to hire entire staffs dedicated to human resources alone. These are the people who go over the daily, weekly and monthly logs of a company’s individual employees and determine what the worker is owed when it comes to payday. They also have accountants to make sure that all of the appropriate taxes are paid and professionals who know what sort of insurance and other services the law requires the firm to provide its staff.
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But wht about the small business owner? They have enough on their plate already to not need to worry about all of this. Nor do they have the time. This is where Hourly’s service comes in.
Starting in 2021, Hourly.io began to make comp insurance available too–facilitating the sale of policies between carriers, agents and customers. Today, we have hundreds of insurance agents selling our integrated payroll and workers’ comp platform which has led to 20 percent month-over-month revenue growth.
“We’re planning to expand our insurtech platform outside the state of California and make it available to one-third of the U.S. population by the end of 2023,” explained Tom Sagi Co-founder and CEO of Hourly about what they plan to do with the new investment. “This is part of our larger vision to completely change the workers’ comp game–for good. Read on to learn exactly what that means, and how we got started.”
Sagi decided to found Hourly.io after his own experiences managing a construction company where he personally felt the frustration of processing payrolls manually and trying to calculate accurate workers’ comp premiums. “I was constantly stressed about fixing timesheet errors, getting paychecks out on time, paying payroll taxes, and more,” he said.
Sagi went on to explain in a blog post that Hourly is the first platform that lets employers run payroll, track time and attendance, and manage workers’ comp insurance premiums in one place. He added that this is a good idea because by directly linking payroll and workers’ comp, premiums are based on your actual payrolls and not just an estimate. “Since we have a pay-as-you-go model, business owners only pay for the coverage they use every pay period,” he said.
