A Pittsburgh mobility startup has just added to the stream of seed funding the city has seen so far this quarter.
Start of the Gig Economy trading platform Grid announced today that it has closed a $12.7 million Series A round. The funding was led by Crusader capitalwith follow-up support from Autotech companies, Change company, massive VC, Mountain State Capital, Scribble Ventures, 412 Venture capital funds, Neighboring businesses and Dash Angels. Among these, Mountain State Capital, 412 Venture Fund and Riverfront Ventures – the investment branch in start-up phase of innovation works — have offices in Pittsburgh.
This Series A round comes after a $3.3 million seed round for Gridwise in early 2020. The company also announced that it achieved 400% year-over-year revenue growth, and that $12.7 million funding round brings the total amount of investment capital raised by Gridwise to $20 million.
It’s the latest deal for the Pittsburgh tech companies this quarter, following a $12 million Series A deal for OtterTunea $6.5 million Series A for Arieca and a $3 million Series A for In-depth care.
The Gridwise app empowers drivers in the ridesharing and delivery gig economy to better understand how they can maximize their earnings and understand key job metrics such as mileage revenue, expenses and tax deductions, all in one place. It also aims to connect them to resources and social benefits such as health insurance, phone plans and credit boosters. Gridwise reports that more than 10% of all active drivers in the US use the app each month, and the platform has enabled drivers to track over $5 billion in revenue on over 100 million trips in 60 different carpooling and delivery platforms.
“Drivers have faced a significant number of challenges that stem from the limitations of individual gig platforms to provide them with the information and benefits they need to best operate their part-time or full-time gig business. “, co-founder and CTO of Gridwise Brian Finamore said in a statement. “We are able to give this rapidly growing workforce a platform that helps drivers truly understand their performance, find new work opportunities and continuously optimize the way they work, regardless of be the platforms they work for.”
While helping drivers access new information and benefits through the app, Gridwise has also begun to build a wealth of mobility data for its customers. In doing so, the startup launched Gridwise Analytics, a new enterprise data-as-a-service platform for drivers that includes information on supply and demand patterns, worker wages and usage across all mobility platforms. Co-founder and CEO Ryan Green hinted at the formation of this platform when Technical.ly spoke to him late last year.
In addition to expanding its team and adding new product features to its core platform, Gridwise noted that it will also use the new funding to rapidly scale Gridwise Analytics.
“Partnering with high profile investors in mobility, finance and the gig economy to scale our data capabilities will not only strengthen workers, but also businesses in 19 industries we already have validated. We’ve brought to market the first accessible gig mobility insights in the field that can enable businesses and cities to improve operational planning, inform go-to-market, fairly compensate workers, and provide a better selection of sites,” Green said in a statement. “Gridwise Analytics further enables us to accomplish our mission to improve the way people and goods move through cities by providing first-party insight into this concert mobility activity at a time when this data has been completely inaccessible.”
Gridwise did not immediately respond to requests for comment for details on its employee numbers, hiring plans and other initiatives that will be supported by this new funding.
Sophie Burkholder is a 2021-2022 corps member of Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by Heinz endowments. -30-