The trend of relying on independent contractors continues to grow among businesses, making the task of managing payroll and benefits a daunting one. In fact, a 2022 Upwork study indicates that independent contractors constitute one-third of the American labor force, and their work contributes over a trillion dollars annually to GDP.
Despite this becoming the new norm, there’s no record system to integrate these numerous workers with the businesses that depend on them. This creates a cumbersome administrative burden for contractors and companies in managing payments, benefits and tax issues, particularly in a world that still operates around biweekly paychecks.
Wingspan, a payroll platform for independent contractors, looks to address these challenges head-on with a $14 million Series A funding led by Andreessen Horowitz, bringing its total capital raised to $23.5 million. Wingspan is expected to use the capital to expand its team and invest in its platform.
Wingspan, founded by Anthony Mironov and Greg Franczy, is purpose-built for a flexible workforce. The platform provides companies with the tools to efficiently and effectively manage contractors at scale –ensuring timely payments, access to benefits and simplified onboarding.
The payroll platform streamlines payment processes and enables companies to efficiently manage their contractors. Offering an all-inclusive and flexible solution, Wingspan simplifies contractor onboarding, payment processing and support.
According to Wingspan, by adopting the platform, companies can save $240 per contractor and 10 hours per week. Wingspan currently serves over 20,000 members and numerous enterprise clients, and is projected to surpass 1 billion in contractor payments by the end of the year.
“More and more companies rely on independent contractors to sustain and grow their businesses, but managing payroll and benefits for them is rife with challenges and headaches for both parties,” said Mironov. “By rationalizing the process through workflow automation, Wingspan is freeing up time and effort for the pursuit of real, creative enterprise.”
Existing investors Distributed Ventures, Long Journey Ventures, Ludlow Ventures and 186 Ventures also participated in the Series A funding, as did founders of Warby Parker, Harry’s, Allbirds, TubeMogal and Catalant.
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