Hourly.io, based in Palo Alto, Calif., provides integrated payroll and workers’ compensation insurance tailored to small and medium businesses that employ hourly workers. The company is led by co-founder and CEO Tom Sagi and positions its product as a full-service payroll plus workers’ comp insurance platform. In May 2022 Hourly.io raised $27 million in a Series A financing to support growth. The firm plans to use the funds to expand beyond California and scale its insurance platform nationwide. Investors include a mix of prior backers and new participants, signaling continued support from the startup’s existing network. No operating metrics (revenue or user counts) were disclosed in the article. Hourly is a mobile-first fintech and insurtech platform purpose-built to simplify workers’ comp insurance, payroll and time tracking for small businesses. The product partners with insurance providers and leverages real-time payroll data to ensure accurate premium reporting and reduce employers’ workers’ comp costs. Hourly consolidates workforce management tools to save business owners time and money and to prevent over- or underpayment of insurance premiums. The company launched earlier this year and is currently available in California, with plans to expand rapidly into other markets throughout 2020. Hourly raised $7.15 million in seed funding to support that expansion. The leadership team includes co-founders Tom Sagi (CEO) and Shay Litvak (CTO), and advisor Amir Faintuch joined as Executive Chairman of the Board.

Total raised

$34M

Funding rounds

2

Latest round

Series A

Latest activity

Jun 2022