SAN FRANCISCO -- Sh1ft, Inc. (Shift One), today announced initial seed funding of $5.2 million, led by Rappi co-founder Felipe Villamarin and Bogota-based Ventura Investments.
Shift One was founded in 2019 by former Uber and 99 Taxis executives to address two challenges of the labor economy: the lack of a robust online marketplace for working-class jobs and a technology solution for companies looking to hire those workers.
Focusing on solutions to quickly deploy teams of workers for last-mile logistics and delivery, e-commerce fulfillment and large-scale events, Shift One is building sustainable, long-term careers for workers and capital-efficient solutions for companies.
“The labor market today is broken. The working class is hard pressed to find their next steady job at a fair rate, and supply chains struggle to source the right workers to fulfill demand,” said Founder and CEO Jason Radisson. “Shift One is a new model that provides stable jobs for workers, while providing employers with the flexibility they need without cutting legal employment corners.”
This part of the labor economy is marked by informal employment rather than true careers, and companies need help identifying the best workers. Shift One solves both problems.
“Shift One is the natural evolution of employment and is completely disruptive to the traditional staffing industry. Shift One is improving the efficiency of companies' operations while at the same time improving the quality of life for workers everywhere,” said Villamarin.
COVID-19 has created a host of new challenges for these businesses, as demand for last-mile planning and services has exploded. Shift One is helping ensure workers aren’t left behind at this important time.
“In the wake of COVID-19, converting informal jobs to formal and stable employment is more important than ever,” said Renzo Sesana, director of Ventura Investments. “We are proud to work with Shift One and believe this model can be truly transformational for working-class labor and companies that depend on them.”
Other key investors in Shift One’s initial funding round include City Light Capital, Tinder co-founder Justin Mateen’s JAM Fund, K50 Ventures and Human Ventures. Shift One is headquartered in San Francisco with offices in Bogotá. Early adopters include Amazon, Weee! and Mensajeros Urbanos.
Securities Note: This press release does not constitute an offer to sell any securities.
Labor technology innovator is scaling 'Gig 2.0' solutions to address long-standing challenges in blue-collar logistics market
SAN FRANCISCO, Feb. 16, 2021 /PRNewswire/ -- Sh1ft, Inc. (Shift One), today announced initial seed funding of $5.2 million, led by City Light Capital and JAM Fund.
Shift One was founded in 2019 by former Uber executives to address two fundamental challenges of the labor economy: the lack of a robust online marketplace for blue-collar jobs and a technology solution for companies looking to hire those workers. The company currently employs more than 25,000 workers and offers solutions in all 50 states and Latin America.
Initially focusing on push-button solutions to quickly deploy entire teams of workers for last-mile logistics and delivery, e-commerce fulfillment and large-scale event management, Shift One is redefining the gig economy to build sustainable, long-term careers for workers and capital-efficient solutions for companies.
"The labor market today is broken. The working class is hard pressed to find their next steady job at a fair rate, and supply chains struggle to source the right workers to fulfill demand, especially in the last mile," said Founder and CEO Jason Radisson. "Shift One is a new model that efficiently connects workers with rich employment opportunities, while providing companies with ready-to-work teams without the traditional overhead. Our cutting-edge approach is a competitive advantage for companies and furthers our long-term goal of becoming the largest ethical source of labor and employment in the world."
This sector of the labor economy suffers from an information deficit. The lack of robust job profiles means the best workers are significantly undervalued as companies attempt to compensate for a perceived skill gap with sheer hiring volume. Shift One solves this inefficiency by identifying the best available talent and matching it to employers' specific needs. Companies can do more with less, and the best workers are better compensated for their skills.
"Shift One turns the labor problem of adverse selection on its head by identifying, assembling and upskilling top talent and putting it to work where it can have the biggest impact," said JAM Fund principal and Tinder co-founder Justin Mateen. "Gig work has been defined by seasonality and availability -- neither are particularly good for workers. I'm excited to watch how this new approach can bring workers along as we tackle last mile and on-demand labor needs."
COVID-19 has created a host of new challenges for e-commerce and logistics businesses, as demand for last-mile planning and services has exploded. Companies lack the data and expertise to quickly source high-performing teams. Shift One offers an asset-lite way to flexibly scale local operational needs.
Shift One provides a suite of productivity solutions -- time, taxes, attendance, productivity and work-order management -- so that companies can focus on their customers. Early adopters include Amazon, NASCAR, the Consumer Electronics Show, Weee! and Mensajeros Urbanos.
Equally important, Shift One's solutions bridge a growing gap for workers otherwise left behind by the evolving workplace. The logistics industry employs nearly 10 million people in the United States alone. Consistent access to work and opportunities for growth are a critical way to erase roadblocks and address inequality in a rapidly changing employment environment.
"In the wake of COVID-19, stable jobs are more important than ever, especially in the massive logistics and warehouse sectors," said Jeff Rinehart, partner, City Light Capital. "We are proud to work with Shift One and believe the company's model can be truly transformational for millions of blue collar workers around the world — creating a more straightforward path to the employment opportunities that are so critical for supporting overall economic recovery."
Shift One's funding will enable additional scaling of its technology solutions and fuel further geographic expansion. Leaders in one soon-to-launch market are excited about the local economic impact potential that accompanies a skilled, ready-to-work labor force.
"Blue collar jobs have been among the hardest hit by COVID-19, and we view those workers as critical for Miami to continue to be a sought-after home for employers and a destination for those seeking jobs with a real future," said Miami Mayor Francis Suarez. "We believe Shift One's approach is a rare win-win-win. Workers receive fairly compensated jobs with the opportunity to grow and develop. Companies get access to a steady, predictable source of high-quality labor. And Miami benefits from the virtuous circle of higher employment and strong local businesses."
Other key investors in Shift One's initial funding round include Ventura Investments, K50 Ventures and Human Ventures, as well as individual investor Felipe Villamarin. Shift One is headquartered in San Francisco.
ABOUT SHIFT ONE:
Shift One's mission is to improve millions of jobs by inspiring and developing the blue-collar workforce of tomorrow. Our ultimate purpose is to enable workers everywhere to do their best work throughout their careers by providing the fastest way to get into the workforce, to upskill and to get ahead.
Shift One was born out of Uber's West Coast Operations and Logistics Technology leadership in 2019. Our world-class technology and operations yield competitive advantages for our clients and rewarding careers for our employees. Founding clients include Amazon, NASCAR, the Consumer Electronics Show, Weee!, Mensajeros Urbanos, the top annual conventions in the United States and the major sporting venues in Las Vegas. Shift One specializes in middle and last mile fulfillment solutions, including 3PL and delivery, as well as hiring full teams and warehouse associates for a broad array of business needs.
Shift One is headquartered in San Francisco, with offices in Las Vegas, Minneapolis, Bogotá and Bucharest. The company recruits and offers solutions in all 50 U.S. states, as well as in Latin America. To learn more, visit www.shiftone.net.
Securities Note: This press release does not constitute an offer to sell any securities. The financing referenced herein has closed and additional investments are not being accepted.