In any company, access to capital is important; in software companies where you need to build it so they can buy it, it’s necessary. Today we’re delighted to announce that we’ve successfully concluded our Series B, added Mosaic Ventures as a new investor, and raised $21M to help fund our growth.
Capital raises are a milestone along the journey - a critical moment in time. The bigger story is the journey itself.
A little over two years ago, Paddy Benson, Dan Beck, and I began a journey based on the belief that there was a massive unsolved problem around enterprise applications for the extended workforce -- all the people who do work but are not employees. Two years ago, that was a belief. Today it’s a certainty.
In 2000 a mere 10% of the workforce could be classified as “extended workers,” today, that number exceeds 43%, and we are rapidly reaching the point where a majority of the workforce will be “extended.” The future of work belongs to the non-employees!
In the last 20 years, enterprise applications to manage employees have undergone a tsunami of innovation. In stark contrast, the extended workforce has been left behind - treated as anonymous “rate cards” in aging Vendor Management Systems. The modern extended workforce is diverse, complex, growing rapidly, and is both a challenge and opportunity for all large organisations.
We firmly believe that there is a new category of enterprise application needed here. We call it the Extended Workforce System. Others in the industry are also highlighting this emerging solution as well. Helping organisations get the very most from all their extended workers is the Utmost mission.
Here at Utmost we have focused on building out the following key features as part of our unique approach to extended workforce:
- Total Workforce Management: Both employees and non-employees in a single system of truth;
- Front Door: A single place for hiring managers to make the right “in the moment” decisions when making worker requests
- True Cloud: A collaborative environment for the enterprise, suppliers, MSPs, and workers to have real-time visibility into data and workflows.
Over these last two years, we’ve built and deployed Utmost to Fortune 500 customers. We were delighted to end 2020 with a 150% growth in customers. During Q1 2021, our workers under management grew over 90% to just over 70,000. We're incredibly humbled to be serving some of the largest companies in the world.
As we enter this next chapter in our journey, we look forward to building out Utmost to fulfill all the hopes and dreams we have for our product. We will continue to make our existing customers successful and aim to serve many more customers. We also continue to value the support of all of our stakeholders and especially Greylock and Workday Ventures.
Finally, we’re growing our team and adding workers - both full-time and extended. Onwards and upwards. If you have the time, take a look at our demo by clicking the button below.