Enterprise software for managing freelancers and contractors
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Enterprise Application Software
Founded in 2015
Published on 2016-07-19 09:24:45
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HUB > Companies > Lystable
From last funding transaction in Jun-2016.
"Lystable is a SaaS-based cloud platform for companies to manage and interact with external suppliers, to address an economy in which freelancers and contractors are more widely employed. In addition, the platform enables rating and ranking of freelancers by employees, on the basis of previous experience with them and is also capable of integration with Drive, Dropbox, Gmail, Slack etc. The company is currently testing its business model and offers both freemium and a premium plans. Lystable has also built a similar product for freelancers and other suppliers where they are able to list their services, accept jobs and request payments. Since December 2015, Lystable has also started handling the transmission of invoices to client companies and payments to suppliers.
In terms of customers, Lystable reached 60 enterprises in the month of June 2016. More than 20,000 freelancers and vendors are currently managed by Lystable, double the number they had during December 2015. Media companies and e-commerce form the largest served sector of Lystable, including the likes of MTV (LON:MTV) and Nickelodeon. Other notable customers include Airbnb, CNBC, Google (NASDAQ:GOOGL) and The Economist. The customer and investor base is predominantly in the US, hence its rationale for moving the company headquarters.
According to Techcrunch, in the US an estimated 53 million currently work as freelancers or contractors. The company CEO claims, that the extended workforce of companies like Google, a Lystable customer, can comprise of over 50% of the total workforce. Such statistics create an opportunity for freelancer management platforms.
In the current setup customers normally manage freelancers using spreadsheets or customer databases like Salesforce.com (NYSE:CRM) which are actually not meant for this purpose. Lystable clarifies that it does not operate as a marketplace and neither as a supplier or vendor management platform, it lies somewhere in the middle. Close competitors of the company in the freelance management segment include US-based Work Market, a marketplace and platform for managing freelancers it is backed by Spark Capital and Union Square Ventures and raised $20.0mn (€17.1mn) in a series C round in January 2015; US-based Shortlist.co provides a platform to find, manage and engage with the external workforce and raised $50.0k (€45.0k) through an angel investment by Todd Handcock in February 2016."
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