PHOENIX, Nov. 1, 2022 /PRNewswire/ -- Qwick, the leading on-demand staffing platform for hospitality businesses and professionals, has closed its $40 million Series B investment. The round was led by Tritium Partners, with participation by current investors Album VC, Kickstart, Desert Angels, and Revolution's Rise of the Rest Seed Fund.
"Staffing-as-a-Service is the future of work in the hospitality industry. We're excited by Tritium's conviction in Qwick and belief in our mission to end understaffing," said Qwick Co-Founder and CEO Jamie Baxter. "We are proud to have facilitated over 500,000 hospitality shifts to date and we plan to double that output in a matter of months as we match a growing number of businesses and service industry professionals for shifts in more and more cities around the country. Our projection is to fill over one million hospitality shifts in 2023 alone."
Over the past three years, Qwick has grown immensely with revenue increasing 10,032%. The company recently celebrated its recognition on the Inc. 5000 list as the 32nd fastest-growing company in the U.S. Behind its exciting growth has been a special focus on hiring and technology build out, both of which feed Qwick's market expansion.
While the company is poised to reach new heights through the final quarter of 2022, so far in the year Qwick has continued its upward growth with important achievements that are benefiting its thousands of hospitality businesses and professionals. Some of these accomplishments include:
- Expanding from 13 to 23 active markets
- More than doubling its count of hospitality business partners
- Growing its pool of experienced, ready-to-work professionals by nearly 70%
- Hiring its first CTO to further develop its technology and product departments
- Ramping headcount across the organization by 123%
- Matching and completing its 500,000th shift
David Lack, Managing Partner at Tritium Partners said, "Qwick's impressive growth and history achieving success through its innovative hospitality solution, even through an especially challenging few years for the industry, indicate that the company has truly changed the way people work. Jamie and his leadership team continue to prove Qwick's strength and effectiveness in this space. We're proud to be partners with Qwick and to support its exceptional growth as it transforms staffing services for hospitality businesses and professionals."
With its Series B funding, Qwick will accelerate growth by deepening its reach to hospitality businesses and professionals in existing markets and rapidly broadening its availability in new cities. The company will also continue to hire at its Phoenix headquarters and in market-specific locations around the country to support new and existing business partners and professionals.
Qwick is the leading staffing-as-a-service platform that connects service industry professionals directly with food and beverage shifts in real-time, provides them with the freedom and flexibility to work on their own schedules, and enables them to get paid in as little as 30 minutes after their shift. With a 97 percent shift fill rate and immediate access to a pre-vetted and certified sharing workforce, thousands of business partners across the U.S. rely on Qwick to end understaffing. Qwick is a growth stage company on a mission to change the way people work and has earned multiple recognitions nationally, including being a "Great Place to Work" in the U.S and one of the fastest-growing companies featured by Inc. Magazine. Learn more at qwick.com.
About Tritium Partners:
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. With >$1.2 billion of assets under management, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth strategies, while maintaining capital efficiency. Tritium's approach emphasizes creating long-term value through both strategic growth initiatives and acquisitions, with specialized expertise in FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services. For more information, please visit www.tritiumpartners.com.