Quinyx lands $50M to help companies find gig workers

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Queens, A platform for scheduling performances and time reporting, announced today that it has raised $ 50 million in financing led by Battery Ventures at a value of $ 550 million. The share brings the total capital of Stockholm, the Swedish start-up to more than $ 89 million, which according to Quinyx it will invest in recruiting, as well as research and product development.

In Adobe 2016 Survey56% of the firm’s employees predicted that everyone would do some performance work in the future. Companies are on board, with the Koren 2018 ferry Report Shows that 60% of HR people hire more contractor workers and 42% plan to hire even more in the future. However, there are many challenges in contracting, which can offer less forecasting than the traditional recruitment cycle. For example, performance roles tend to involve limited knowledge transfer, which may prove more costly in the long run than hiring salaried employees.

Quinyx aims to address some of the challenges of performance work by matching employees and employers – and vice versa. CEO Eric Pillburg founded the company in 2006 while working at McDonald’s, where he saw how difficult it is for executives to sort shifts manually.

Fjellborg built Quinyx’s initial software and piloted it at McDonald’s restaurant in Örebro, Sweden, and then expanded the pilot to McDonald’s restaurants in Sweden, Denmark and the United Kingdom. Email. “This success reflects the strenuous demand for organizations that recruit hourly labor to do more with less, as a shortage of manpower stresses business activity.”

Adjusting employees to shifts

Quinyx – which it claims has millions of users – provides scheduling, budget forecasting and shift planning and replacement. Using its Webpunch product, an attendance dashboard, employees can document their work time as an alternative to traditional time clocks.

Quinyx also offers digital data processing and self-monitoring features, as well as Forecast, a product designed to help customers anticipate their workforce needs. Other capabilities include demand forecasts, strategic planning and job optimization in addition to employee surveys that “give employers the ability to identify and reward their colleagues with virtual tags.”

“An accurate and effective forecast can be the difference between profit and loss. Our technology makes the heavy number and will give you the total labor costs for each region and location,” Fjellborg said. “[With] Quinyx, you just have to choose your business goals – our technology does the rest. [Customers can make] Automatically schedule within minutes and minimize manual changes in the middle of an activity. “

Expanding market

Quinyx, which has more than 300 employees and offices across the US, UK, Sweden, Finland, Germany, Norway, Denmark and the Netherlands, enjoys a shift management market that is expected to grow steeply as the epidemic continues. Markets and markets Forecasts That the workforce management sector will grow from $ 6.0 billion in 2020 to $ 9.3 billion by 2025.

Quinnix competes with When I Work, Spur, Blue Yonder and Lt. But Quinyx has managed to cut some of the expanding market, with more than 1,000 customers including Oatly, Sysco, Virgin Atlantic, Palace Entertainment, IHG, Swarovski and DHL.

“We are excited about the funding that will enable us to accelerate innovation and expansion – supporting our mission to improve the lives of millions of workers by the hour,” Fjellborg said in a statement. “Today’s announcement is a game changer for the workforce management industry and business in general.”

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