We’re thrilled to announce our latest investment in Utmost. You can read more on the news in VentureBeat. Utmost’ s $21M Series B round was led by Mosaic Ventures and we are excited to participate with existing investors, Greylock Partners, Workday Ventures, and Alumni Ventures Group.
The Future is the Extended Workforce
Utmost is building the future of flexible and distributed work. The growth of the freelancer economy has created entirely new economic opportunities. No longer are employees forced to be tethered to a single employer. A new generation of workers has emerged that desire flexibility and diversity of employment relationships.
Unfortunately, organizations for too long have struggled with managing “non-employees” — freelancers, contingent staff, gig workers, and even contractors. In most cases, its a services procurement function, driven by labor arbitrage, that lacks any controls or visibility into the actual costs, risks, and opportunities lost.
The COVID pandemic lit an accelerant on remote work, putting the extended workforce into focus. We believe the growth of remote and hybrid work will look to the extended workforce not as a supplement to full-time employees but as a strategic business imperative. We are already seeing this trend with some of our existing portfolio companies where a majority of their staff is an extended workforce of non-employees with very specific knowledge, skills, experiences, and work expectations.
Just as Workday has become the system of record for full-time employees, we believe a huge opportunity exists for a modern SaaS solution to become both the system of record and the system of engagement for non full-time employees. Utmost is that solution.
Utmost has assembled a world-class team led by founders Annrai, Dan, and Paddy. What makes them unique is their ability to build enterprise-class platforms that can manage the complexity of regulation and compliance while addressing modern day concerns for mobility, security, and data privacy. Combined with their partnership and native integration with Workday, we believe Utmost is ideally positioned to redefine the legacy vendor management systems (VMS) market and enable companies to build a workforce of the future.
Check them out at www.utmost.co. You can also register for an upcoming demo at: https://go.utmost.co/live-demo. They are hiring too so reach out if you’d like to join their rockstar team in Dublin or San Francisco.