Boarding Pass“We are here to change the broken service industry”
Boarding Pass
“We are here to change the broken service industry”
gigaroo has raised $2.6 million to help Gen-Z find and retain their first jobs
“The idea was born from a personal pain of a friend of mine, Avi Edri the CEO of Cinema City Israel, when Cinema City had an issue recruiting and retaining Gen-Z employees and providing them with financial stability in the service industry,” explained Adir Oren, Co-Founder and CEO of gigaroo.
The company was established in 2022 and aims to help the younger generation find the right flexible job and to retain them with financial solutions through next-day salary payments.
Today, gigaroo has 10,000 users, 32 businesses, and over 105 locations helping young people find and retain their jobs.
You can learn more about its story below.
Company Name: gigaroo
Sector: Fintech, Future of Work
Product/Service description:
gigaroo is a fintech/future of work startup, we are here to enable Gen-Z (the youngest generation from 15-30) with financial stability in the service industry. We help them to have a steady part-time/full-time job and we provide them with a next-day salary.
Year of Founding: 2022
Last Investment Round: $2.6 million
Last Investment Stage: Pre-Seed
Date of Last Investment: February 2023
Total investment to date: $2.6 million
Investors (leading and all): ATX Venture Partners - Austin TX, FS Capital - Houston TX, Shachar Family- Israel, Cinema City - Israel, Doron Myersdorf - Israel, Amir Shevat- Israel, and several home offices in Israel and U.S.
Current number of employees: 6
Open positions: N/A
How was the idea born?
The idea was born from a personal pain of a friend of mine, Avi Edri the CEO of Cinema City Israel, when Cinema City had an issue recruiting and retaining Gen-Z employees and providing them with financial stability in the service industry.
What is the need for the product?
To help the younger generation find the right flexible job and to retain them with financial solutions through next-day salary payments.
How is it changing the market?
We have 6 success stories that say that we are a game changer, we are not only helping to staff employees, we are reducing the business's turnover and increasing the profit, since they are focusing on the business and not on staffing. We have saved the business we are working with over $600,000 of lost revenue to the turnover.
How big is the market for the product and who are its main customers?
We operate in the U.S., the TAM is $43 billion, and our main customers are businesses in the service industry as bars, restaurants, hotels, coffee shops, retail stores, cinemas, and delivery, the users are Gen-Z.
Does the product exist already? If not - at what stage is it and when is it expected to hit the market?
Yes, we are live with the matching part for the last five months in Austin, Texas, we have 10,000 users, 32 businesses, and over 105 locations.
Who are the main competitors in this sector and how big are they?
Companies like daily pay, pay active, Rain US, and Flexwage are the biggest currently in the U.S.
What is the added value that the founders bring to the company and the product?
We are serial entrepreneurs, with successful past exits, our offering is a unified platform that matches and retains employees in one place, we find the employees a flexible job, and they can work in 1 or 2 different businesses that fits their lifestyle and needs. We have industry connections in the U.S. and Israel, we are here to change the broken service industry.
What will the money coming in from the round be used for?
The new funding is to scale to additional cities in the US such as Dallas, NY, Miami, and Boston, to implement our fintech pillar of the next-day payments as well.
In the "Startup Boarding Pass" section, CTech will cover the (relatively) small investments made in companies during the early stages of their existence - and the entrepreneurs and startups who have not yet had the opportunity to reveal their stories to the world. Please use the linked form and fill it out according to the guidelines. This form is intended for startups raising between $500,000 and $3 million from venture capital funds, angels, or official grants from Israeli and foreign institutions. If relevant, someone at CTech will be in touch for follow-up questions.
