London startup Lystable lands another Paypal mafia investor
London startup Lystable, fresh from raising millions from Paypal founder Peter Thiel's venture firm, has raised new cash from another member of the so-called Paypal mafia.
Max Levchin's HVF, a data focused lab which is also the umbrella for two of his companies, has jumped on board adding to the $11m series A funding first revealed in June and led by Thiel's Valar Ventures.
The year-old startup provides software for companies to easily manage their contract and freelance workers, which number around 53m in the US and 9.6m in the EU, according to the company.
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Also joining the undisclosed round is New York based LeFrak Investment, and brings total investment in the company to more than $15m.
“We have seen the rapid growth of freelancer marketplaces already make a dent in the traditional recruitment and staffing agency space; but really embracing these workers becomes harder for any company as it scales – let alone big corporations," said Levchin, a former chief technology officer at Paypal.
"Lystable is pushing the industry forward, by making it easy for corporations to work with freelancers, and vice versa," he added.
Lystable founder Peter Johnson said the new cash from Levchin was a "significant boost" for the company.
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The quick accession of the company and high-profile Silicon Valley backers led it to depart London and set up a new headquarters in San Francisco this year.
"Our clients, investors and leads are predominantly out there. Being able to grab these amazing people for a few minutes on the phone is pretty tough if they’re just waking up and our day is finishing," Johnson told City PM earlier this year.
Lystable is a graduate of the Techstars accelerator. Its 60 clients also include The Economist, Airbnb, CNBC and MTV and it currently manages 20,000 contractors each week.