Instawork Revenue, Valuation, Funding & Investors
Instawork is valued at $760M as of May 2023.
Last Instawork valuation
$760M
Series D · May 2023
Last Instawork funding round
$60M
Series D · May 2023
Instawork revenue
$100M
Series C · Jul 2021
Key investors in Instawork
Benchmark
GV
Spark Capital
SV Angel
Greylock
Craft Ventures
About Instawork
Instawork is a San Francisco-headquartered marketplace connecting hospitality professionals with shift work opportunities. Launched in 2016, it automates matching for restaurants, hotels, and event venues using mobile app notifications for same-day staffing. Available in over 25 US cities including Los Angeles, Miami, and New York, the platform handles millions of shifts annually. Instawork verifies workers' backgrounds and skills to ensure reliable fills for roles like servers, bartenders, and cooks.
Founded
2015
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$100M (Jul 2021)
Valuation
$760M (May 2023)
Instawork Valuation
Instawork is currently valued at $760M, based on its Series D in May 2023.
The $60M round was led by TCV, with participation from Larry Fitzgerald, GV, Spark Capital, Four Rivers Group, Benchmark and 4 other investors.
Instawork's valuation has grown 1.4x from $560M at its Series C in July 2021 to $760M in May 2023, across 2 priced rounds.
Instawork valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2023 | Series D | $760M | - |
| Jul 2021 | Series C | $560M | 5.6x |
Instawork Revenue
Instawork's latest recorded revenue is $100M, as of its Series C in July 2021. At a $560M valuation, that implies a 5.6x revenue multiple.
Instawork revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2021 | $100M | $560M | 5.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Instawork Funding History
Instawork has raised a total of $148M across 5 funding rounds.
Instawork's first fundraising round was a $2M seed round in August 2015. The most recent completed round was a $60M Series D in May 2023.
Instawork funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2023 | Series D | TCV (lead); Larry Fitzgerald; GV; Spark Capital; Four Rivers Group; Benchmark; Corner Ventures; Greylock; 9Yards Capital; Craft Ventures | $60M | $760M | Instawork, operating as Garuda Labs, Inc., is a San Francisco-based staffing platform that connects businesses with skilled hourly workers, primarily in food & beverage, hospitality, and warehouse/logistics industries across more than 25 U.S. markets. Founded in 2016, it operates a digital marketplace linking tens of thousands of businesses with over 4 million workers, filling temporary and permanent shifts through an AI-powered mobile app. The platform aims to make work more flexible by using technology and data to match businesses with reliable, punctual workers. On May 18-25, 2023, Instawork raised $60 million in a Series D funding round led by TCV, bringing total funding to $160 million. New investors included 9Yards Capital and Larry Fitzgerald Jr., alongside existing backers Benchmark, Spark Capital, Craft Ventures, Greylock, Four Rivers Group, and GV. The proceeds are designated to accelerate investment in AI and machine learning features within its app and platform, enhancing shift matching for businesses and workers based on schedules, skills, and reliability. CEO Sumir Meghani highlighted the mission to make work more rewarding, while TCV's Gautam Gupta noted Instawork's potential to transform the fragmented hourly labor market with technology. |
| Jul 2021 | Series C | Craft Ventures (lead); SV Angel; Burst Capital; GV; Spark Capital; Liquid 2 Ventures; WndrCo; Four Rivers Group; Benchmark; Tilman Fertitta; Corner Ventures; Greylock | $60M | $560M | Instawork operates an online platform connecting businesses with skilled hourly professionals for on-demand staffing, primarily in hospitality and other sectors across North America. In July 2021, the company raised $60 million in a Series C funding round led by Craft Ventures, with participation from Greylock, Corner Ventures, Four Rivers Group, WndrCo, Tilman Fertitta, Benchmark, Spark Capital, GV, Burst Capital, and SV Angel. The round valued Instawork at $560 million post-money, marking a significant recovery from a prior bridge round in 2020 that valued it at $75 million after pandemic-related furloughs. Instawork reported estimated $100 million in revenue for 2021. CEO Sumir Meghani noted gross merchandise value grew about six times year-to-date in 2021 compared to 2019, with shifts posted on the platform increasing nine times over the same period. The company had expanded beyond hospitality into other verticals, though exact revenue breakdowns by sector were not disclosed. The funding came amid a labor shortage as economies reopened post-COVID, positioning Instawork to capitalize on demand for gig workers. By late 2023, Instawork operated in over 48 markets in the US and Canada with over 5 million workers in its network and had raised a subsequent Series D in May 2023 at $760 million valuation led by TCV, bringing total funding to $160 million. Competitors like Wonolo and Shiftsmart pursued similar on-demand staffing models with comparable funding rounds around 2021. |
| May 2019 | Series B | Burst Capital (lead); GV (lead); Spark Capital (lead); SV Angel; Y Combinator; Tuesday Capital; Benchmark | $18M | - | Instawork is a staffing marketplace connecting skilled hourly workers with local businesses. The company operates a gig-work platform that enables businesses to find and hire pre-vetted workers for short-term assignments. Based on available data, Instawork had raised approximately $149.62M across 7 funding rounds as of May 2023, with its Series D funding round of $60M led by Technology Crossover Ventures in May 2023. The company reported $100M in revenue for fiscal year 2021, demonstrating significant traction in the gig economy staffing space. |
| Feb 2019 | Series A | Benchmark (lead) | $8M | - | Instawork raised $18 million in a Series B round on February 26, 2019, with Benchmark as investor. The company operates a platform connecting businesses with skilled hourly workers in industries like food & beverage, hospitality, and warehouse/logistics. |
| Aug 2015 | Seed | Amino Capital; George Hu; Curtis Spencer; Avichal Garg; Amr Awadallah; Akash Garg; Bhaskar Ghosh; David Schellhase; Joe Montana; Eckart Walther; DoubleRock; Carlton Robinson | $2M | - | - |
Who has invested in Instawork?
29 investors have backed Instawork across its funding rounds, including Benchmark, GV, Spark Capital, SV Angel, Greylock and Craft Ventures.
Lead investors include TCV, Craft Ventures, Burst Capital, GV, Spark Capital and 1 other investor.
Instawork Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Feb 2019 | |
| San Francisco, CA | 3 | Lead | May 2019 | |
| San Francisco, CA | 3 | Lead | May 2019 | |
| San Francisco, CA | 2 | Participant | May 2019 | |
| San Francisco, CA | 2 | Lead | May 2019 | |
| San Francisco, CA | 2 | Participant | Jul 2021 | |
| San Francisco, CA | 2 | Participant | Jul 2021 | |
| San Francisco, CA | 2 | Participant | Jul 2021 | |
| San Francisco, CA | 2 | Lead | Jul 2021 | |
| United States | 1 | Participant | Aug 2015 | |
| United States | 1 | Participant | May 2023 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} George Hu | San Francisco, CA | 1 | Participant | Aug 2015 |
| San Francisco, CA | 1 | Participant | May 2019 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Instawork
Instawork has acquired 2 companies to date.
Last acquisition by Instawork was on August 6th 2024. Instawork acquired Able Jobs for undisclosed valuation.
Latest Acquisitions by Instawork
| Description | Able Jobs is a workforce platform delivering five-day training programs for entry-level sales, customer support, and marketing roles via mobile app. Companies in tech and SaaS hire pre-vetted candidates on a pay-per-hire model equivalent to one month's salary, sourcing talent for remote positions across the United States. | Drafted is a Boston-headquartered recruiting platform leveraging employee networks for referrals beyond first-degree connections. It builds graph databases of company contacts to source candidates for tech and sales roles. Founded in 2015, the tool helps enterprises aggregate referrals, improving hire quality. Drafted connects laid-off professionals with open positions through network matching. |
| HQ Country |  | |
| HQ City | Bangalore | Boston, MA |
| Deal Date | 6 Aug 2024 | 3 Aug 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Instawork acquisitions and their M&A valuation multiples. Start Free Trial | ||
Instawork Competitors
Instawork competitors include listed companies like DIP, Grupa Pracuj and Upwork, and private ones like Malt, InterviewBit and Passage.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Paris | Private | - | - | $489M | - | |
| Bangalore | Private | - | - | $710M | - | |
 Toronto | Private | - | - | $657M | - | |
 Japan | Publicly listed | $353M | $85M | $623M | 1.5x | |
 Poland | Publicly listed | $214M | $95M | $1B | 4.4x | |
| United States | Publicly listed | $788M | $180M | $1.1B | 1.1x |
Instawork Public Comps
Instawork is still privately-owned, but its public comps include Groupon, AUCNET, WeBuyCars, EverQuote, Bengo4.com, Hemnet, Timee, ATRenew, UT Group and DIP.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $498M | ($19M) | 1.7x | 1.7x | (45.9x) | 11.4x | |||
| $412M | $63M | 1.4x | 1.3x | 9.3x | 7.5x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $693M | $62M | 0.9x | 0.8x | 9.9x | 5.5x | |||
| $105M | $19M | 7.7x | 6.9x | 43.8x | 33.0x | |||
| $156M | $78M | 4.8x | 5.2x | 9.6x | 11.1x | |||
| $132M | $23M | 6.3x | 2.8x | 36.0x | 13.5x | |||
| $3.1B | $84M | 0.2x | 0.2x | 8.2x | 6.6x | |||
This data is available for Pro users. Sign up to see all Instawork competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Instawork
| When was Instawork founded? | Instawork was founded in 2015. |
| Where is Instawork headquartered? | Instawork is headquartered in San Francisco, CA, United States. |
| Is Instawork publicly listed? | No, Instawork is a private, VC-backed company. |
| What is Instawork's valuation? | Instawork was last valued at $760M in its Series D in May 2023. |
| How much funding has Instawork raised? | Instawork has raised $148M across 5 funding rounds. |
| What was Instawork's last funding round? | Instawork's last funding round was a $60M Series D in May 2023, led by TCV. |
| Who are Instawork's investors? | Instawork's investors include Benchmark, GV, Spark Capital, SV Angel, Burst Capital, Four Rivers Group, Corner Ventures, Greylock, Craft Ventures, Amino Capital and 19 others. |
| What is Instawork's revenue? | Instawork's latest recorded revenue is $100M (July 2021). |
| What is Instawork's revenue multiple? | Instawork's latest valuation implies a 5.6x revenue multiple ($560M valuation on $100M of revenue). |
| Which companies are comparable to Instawork? | Companies comparable to Instawork include Malt, InterviewBit, Passage, DIP, Grupa Pracuj and Upwork. |
| How many companies has Instawork acquired? | Instawork has acquired 2 companies, including Able Jobs and Drafted. |
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