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Quinyx, a concert work planning and time reporting platform, today announced that it has raised $ 50 million in funding led by Battery Ventures for a valuation of $ 550 million. The tranche brings the total capital of the Stockholm, Sweden-based startup to more than $ 89 million, which Quinyx says it will spend on hiring as well as research and product development.
In a 2016 Adobe survey, 56% of office workers predicted that everyone would work in the future. Companies are on board, with a 2018 Korn Ferry report showing that 60% of HR professionals hire more contract workers and 42% plan to hire even more in the future. However, challenges abound with contracting, which can offer less predictability than the traditional hiring cycle. For example, gig roles tend to involve limited knowledge transfer, which in the long run could prove to be more expensive than hiring salaried employees.
Quinyx aims to tackle some of the challenges of pay-per-view work by matching workers with hiring employers – and vice versa. CEO Erik Fjellborg founded the company in 2006 while working at McDonald’s, where he saw how difficult it was for managers to sort teams manually.
Fjellborg built the initial Quinyx software and piloted it at a McDonald’s restaurant in Örebro, Sweden, after which he extended the pilot project to McDonald’s restaurants in Sweden, Denmark and the UK. E-mail. “This success reflects the intense demand from organizations that hire hourly labor to do more with less, as a labor shortage puts pressure on business operations. “
Associate workers with shifts
Quinyx – which claims to have millions of users – provides the planning, budgeting, scheduling, and trading of shifts. With its Webpunch product, a timekeeping dashboard, employees can record their time worked as an alternative to traditional time attendance clocks.
Quinyx also offers data processing and digital self-monitoring capabilities as well as Forecast, a product designed to help customers anticipate their workforce needs. Other features cover demand forecasting, strategic planning and workforce optimization, in addition to worker surveys that “give employers the ability to recognize and reward their peers with badges. virtual ”.
“Accurate and effective forecasting can make the difference between making a profit and making a loss. Our technology does the heavy lifting and will give you the total labor costs by region and location, ”said Fjellborg. “[With] Quinyx, you just have to choose your business goals – our technology does the rest. [Customers can make] Automated schedules in minutes and minimize manual changes in the middle of operations.
Quinyx, which has more than 300 employees and offices in the United States, United Kingdom, Sweden, Finland, Germany, Norway, Denmark and the Netherlands, enjoys a shift management market that is expected to experience strong growth as the pandemic continues. Markets and Markets predicts that the workforce management segment will grow from $ 6.0 billion in 2020 to $ 9.3 billion by 2025.
Quinyx competes with When I Work, Spur, Blue Yonder, and Deputy, among others. But Quinyx has managed to carve out a share of the growing market, with more than 1,000 customers, including Oatly, Sysco, Virgin Atlantic, Palace Entertainment, IHG, Swarovski and DHL.
“We are delighted with the funding that will allow us to accelerate innovation and expansion – supporting our mission to improve the lives of millions of hourly workers,” Fjellborg said in a statement. “Today’s announcement is a game-changer for the workforce management industry and businesses in general.
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