Veryable Raises $31.9M to Revitalize US Manufacturing and Lead the Way on Industrial Innovation
Dallas, TX, August 10, 2021 – Veryable recently raised $31.9M in Series A funding to pursue its mission of revitalizing the $2+ trillion US manufacturing industry by allowing businesses to variablize labor as the first step into next-generation manufacturing.
Veryable’s core marketplace for on-demand labor connects businesses to independent workers available on demand. This industrial technology empowers manufacturing, distribution, and logistics companies to quickly respond to demand in real-time, which is a crucial step toward the digitally transformed manufacturing of tomorrow. This operations-driven labor approach also gives workers more options for when and how they work.
“We believe in people and the dignity of work,” said CEO and cofounder Mike Kinder. “The Veryable platform allows people to construct work schedules where they can optimize their economic needs against other big priorities such as family, school, community, freedom, and independence.”
Veryable’s unique model has attracted tens of thousands of workers with tremendous skills who require more flexibility and seek upward mobility.
“I really like having the freedom of having work options to choose from,” said James Neighbours, a four-star operator from Tennessee with a tremendous range of skills from warehousing to assembly. “Veryable has had a major positive impact on my life.”
Businesses benefit from Veryable’s industrial technology because they’re able to flex their capacity up and down according to demand.
“Veryable has been an incredible platform for flexible labor to help make sure our locations consistently have the manpower they need to help drive our revenue,” said Jim F., vice president of retail operations at Goodwill Houston.
Veryable’s recent funding round, led by Gigafund with participation from Trust Ventures, will enable the Dallas startup to grow its well-established presence in the US even further and enhance its product offering for businesses and workers alike.
“Veryable is helping the US regain its position as a manufacturing powerhouse,” said Stephen Oskoui, managing partner of Gigafund. “Mike and his team are thinking big, and they have the knowledge and the drive to back up their ambition.”
The company believes that introducing a new approach to labor becomes a catalyst for other forms of industrial technology, such as the connected factory, augmented reality, and additive manufacturing. Because the most prevalent constraints in production and distribution environments have to do with labor inflexibility, solving those first-order labor constraints unlocks the path into next-generation manufacturing.
Being on the forefront of manufacturing innovation has been Veryable’s mission since Kinder and co-founder Noah Labhart launched in 2016. Veryable has a big vision for the future of manufacturing and is optimistic about the state of manufacturing in the US.
Businesses must be catching onto their vision, because the company is seeing record growth despite the ongoing turmoil with supply chains and draconian lockdowns. If there’s something that should unite everyone in this country, it might just be cheering on a new US manufacturing renaissance led by industrial technology companies like Veryable.
To learn more about the company and its on-demand labor marketplace, visit veryableops.com.
Veryable’s mission is to revitalize the American manufacturing sector by allowing businesses to “variablize” labor costs in small increments. This lets them increase costs only as their output increases, which will empower businesses to scale while maintaining a lower fixed labor cost and create a more flexible, operational labor approach.
The company, founded in 2016, aims to achieve this through its technology, which enables it to transform an antiquated and inefficient labor market into a real-time marketplace for labor. This will put more people to work and relieve the burden on manufacturers and suppliers, improving overall productivity and enabling organic growth.
Gigafund is a venture capital firm backing the world’s most ambitious and transformative entrepreneurs. Gigafund was founded by former Founders Fund partners Luke Nosek and Stephen Oskoui and has over $1.6B in assets under management. Gigafund’s largest investments include SpaceX, Lambda School, Luminous Computing, the Boring Company, Veryable, Last Energy, and Sana Benefits. More information can be found at http://www.Gigafund.com/.