UK-based Orka announced a $40.8 million round of venture capital for its job board marketplace with integrated on-demand pay capabilities, targeting regulated industries and shift workers.
According to Aptitude Research Partners, shift workers, or the “hourly workforce,” make up a large percentage of the global workforce, representing 58.5% of all wage and salary workers. This correlates globally as well.
While job boards have been specializing in distinct segments of the workforce for decades, we are now seeing marketplaces emerge with capabilities beyond the job to candidate match. Providing on-demand pay is one example of a capability extending the marketplace’s value beyond the match and hire. Orka reported to EU-Startups that, “This year, the company will launch its third core product, Orka Check, to improve the process for worker background checks.” This promises to be another interesting move.
The talent acquisition category of HR tech has a robust innovation pipeline with new tech emerging from incumbent legacy platforms and emerging target startups. There has been a shift in recent years, as automation, data science, and behavioral economics have matured to focus on this segment shared by the world’s biggest brands and smallest companies.