Hourly has raised $34.0M in total across 2 funding rounds.
Hourly's investors include AllegisCyber Capital, AME Cloud Ventures, Aya, Cisco Investments, Cyberstarts VC, Fusion Fund, Glilot Capital Partners, Hardware Club, H.I.G. Capital, Insignia Ventures Partners, Erel Margalit, Gadi Porat.
Hourly is an InsurTech startup founded in 2018 and headquartered in Palo Alto, California, that builds a unified platform integrating real-time payroll processing, time tracking, and workers' compensation insurance for small and medium-sized businesses (SMBs) employing hourly workers.[1][2][3] It serves labor-intensive sectors like construction, maintenance, transportation, manufacturing, landscaping, sanitation, food service, and energy services, solving pain points such as manual data entry, inaccurate premiums, complex tax filings, and delayed payments by enabling one-click payroll, same-day direct deposits, instant labor cost visibility, and precise, data-driven insurance pricing.[1][3] This all-in-one solution reduces administrative burdens, cuts costs, and improves accuracy for business owners, managers, accountants, and employees, positioning Hourly as a mobile-first innovator in HR and insurance tech.[1][2][3]
Hourly was co-founded in 2018 by Tom Sagi (CEO) and Amir Faintuch (Executive Chairman), both bringing deep expertise to address gaps in payroll and workers' comp for hourly workers.[3] Sagi's frustration stemmed from managing a real estate development company, where handling workers' comp for hourly employees proved overly complex and time-consuming, inspiring him to create a streamlined solution.[3] Faintuch, a serial tech entrepreneur and venture investor, complements this with senior executive experience, including roles as SVP and GM at GlobalFoundries (managing computing, infrastructure, and photonics), SVP of Platform Engineering at Intel, and President of Qualcomm Atheros.[3] Early traction came from pioneering real-time data integration—bridging payroll, time tracking, and insurance—which Hourly implemented via partnerships like Origami Risk's SaaS platform for automated underwriting, marking a pivotal step in scaling its breakthrough model.[1]
Hourly rides the InsurTech and HR tech convergence wave, capitalizing on real-time data analytics, mobile adoption, and automation to disrupt outdated payroll/insurance models in a gig and hourly workforce boom—exacerbated by labor shortages and rising compliance costs post-pandemic.[1][2][3] Timing is ideal amid SMB digitization trends, where 70%+ of small firms still use manual processes; Hourly's precision pricing counters volatile workers' comp markets driven by injury claims and economic shifts.[1][3] It influences the ecosystem by enabling underserved sectors (e.g., construction, transportation) to compete via efficient workforce management, fostering scalability in fragmented markets and paving the way for AI-enhanced risk prediction in InsurTech.[1]
Hourly is poised for expansion by deepening AI-driven features like predictive risk modeling and broader HR tools (e.g., scheduling, compliance), targeting a $100B+ U.S. payroll/insurance market amid SMB growth and regulatory pushes for transparency.[1][3] Trends like remote/hybrid hourly work, embedded insurance, and economic recovery will accelerate adoption, potentially evolving Hourly into a full workforce OS for blue-collar industries. As it scales from Palo Alto roots, expect partnerships with major payroll giants and international push, solidifying its edge in transforming hourly labor economics—echoing its founding mission to simplify and protect workers at scale.[1][2][3]
Hourly has raised $34.0M across 2 funding rounds. Most recently, it raised $27.0M Series A in May 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2022 | $27.0M Series A | AllegisCyber Capital, AME Cloud Ventures, Aya, Cisco Investments, Cyberstarts VC, Fusion Fund, Glilot Capital Partners, Hardware Club, H.I.G. Capital, Insignia Ventures Partners, Erel Margalit, Gadi Porat, Yoav Tzruya, MS&AD Ventures, OurCrowd, Pitango Venture Capital, Rabbit Ventures, Renegade Partners, S Capital VC, Tiger Global Management, Vintage Investment Partners, Viola Ventures, Jens Christensen, Julia Kagan, Oded Hermoni, Sam Kassoumeh, Samvit Ramadurgam, Yair Tauman, Yaron Lemelbaum | |
| Sep 1, 2019 | $7.0M Seed | Aya, Cisco Investments, Fusion Fund, Glilot Capital Partners, H.I.G. Capital, Insignia Ventures Partners, Erel Margalit, Yoav Tzruya, MS&AD Ventures, Pitango Venture Capital, Rabbit Ventures, S Capital VC, Tiger Global Management, Vintage Investment Partners, Viola Ventures, Oded Hermoni, Samvit Ramadurgam |
