The round, which takes the London-based startup’s overall funding to £8.7 million in 20 months, was led by Spotify’s first investors Creandum. It also included participation from PROfounders Capital and Colle Capital, as well as existing backers David Haye and Lord Young.
Launched in 2015, Syft cuts out the need for traditional agencies by offering an online staffing platform for the hospitality and events sector in London, Manchester and Leeds. The app claims to provide employers with direct access to vetted and fully-trained staff at an average cost of 55 per cent less than a traditional temp agency, and has so far attracted more than 4,000 job seekers.
As part of the funding round, Creandum general partner and experienced investor and entrepreneur Johan Brenner has been appointed onto Syft’s board of directors.
He said: “Syft has become the best marketplace for temp workers thanks to a product that fits companies of all sizes and workers with varying skill sets. What sets Syft apart is a winning combination of a top-notch team, excellent product and a model that addresses all the shortcomings of traditional temp agencies.”
Jack Beaman, co-founder of Syft, added:
“Attracting a fund of the standard and reputation of Creandum is not only very exciting for us, but also for the UK startup scene. It’s exciting that we continue to see large funding rounds after the Brexit vote.”
Syft plans to use the funding to expand into the warehousing and industrial sectors, as well as expand into other markets including Liverpool, Leeds and Birmingham. Beaman said the round will help the startup consolidate its position in the UK.