Solo Announces Seed Fundraising of $5.3 Million to Empower App-Based Gig Workers With Performance Data to Achieve Their Own Financial Goals
Solo, an innovative platform for app-based gig workers, announced 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.”
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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.”
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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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