Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors
ATLANTA--(BUSINESS WIRE)--Aug 6, 2018--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce.
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Shaquille O’Neal participates in Steady focus group (Photo: Business Wire)
“The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.”
Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, and an endless combination of these—that create income uncertainty; retirement resources aren’t cutting it for millions of Americans; and the resulting income mix throws people’s relationship to banks and financial products out of balance. Enter Steady.
“In today’s America, the single, upward career path is a false notion for too many people. A long-term, consistent, path of ascension just isn’t attainable in most industries. People need to create their own,” said Steady co-founder and lead seed round investor Michael Loeb, from Loeb Enterprises. “Steady is uniquely built to address a financial health crisis that’s hitting epidemic proportions.”
Steady starts by helping BYO workers easily find and apply to income-building opportunities that match their availability, abilities, and interests. Whether augmenting retirement savings, working around childcare responsibilities, leveraging gig opportunities, or supplementing insufficient income from a primary employer, Steady helps people earn more.
“Today’s workforce faces wage stagnation, underemployment and an increasing cost of living. All this leads to people just not making enough money to live the American Dream, and instead they’re caught in a very vulnerable place,” said Ryan Gilbert, Partner at Propel Venture Partners. “We’re excited to back Steady in delivering much needed solutions aimed at the root problem—insufficient earnings. If people are to thrive in today’s changing world, a solution like Steady is imperative.” Gilbert and Propel Venture Partners Vice President David Mort will be joining Steady’s Board of Directors.
The new BYO workforce will be able to rely on Steady to:Build income: Discover and apply for extra income opportunities and shifts from large employers, small, and medium businesses and the hottest startups (including the top 40 gig economy players)—filtered by location, interests, availability, and goals, in addition to helping define their overall portfolio of work. Build networks: Monitor relevant community activity, learn from peers, uncover new opportunities, and create connections that help maximize earning potential. Build buying power: Access a marketplace of exclusive benefits—from essentials such as prescriptions and groceries, and discounts on major expenses such as auto care and telecom. Build financial cred: Navigating the BYO world can be challenging. Steady will later be rolling out its initial financial products and advice to optimize this lifestyle. As Steady serves this determined and hardworking group, it’ll advocate with financial institutions and other providers of key financial products that are currently hard to access without a traditional single full-time W2 job.
“This undertaking is both enormous and essential,” said Adam Roseman, CEO and founder of Steady. “We are aiming no lower than at rebalancing the American economy and I couldn’t ask to be a part of a more talented and passionate team for the job.”
Steady is the income-building platform for the Build-Your-Own (BYO) workforce, helping people create financial stability and take charge of their future. Steady was founded in 2017 by a team with deep experience in financial services and startups. Anyone can sign up for free on Steady and find easy, instant access to the work opportunities and financial resources they need to grow, control, and stabilize their income. Find out more at www.steadyapp.com.
About Michael Loeb and Loeb Enterprises
Michael Loeb is a New York-based veteran entrepreneur who has backed, built, or funded over fifty successful companies. Chief among his successes are Priceline.com —known for its travel deals and travel search engine, Synapse (acquired by Time, Inc.), and Script Relief a 12 million member joint venture with United Health. Loeb now leads Loeb.NYC and Loeb Enterprises, a self-funded start-up factory and private investment platform, respectively, based in New York City and is currently scaling over a dozen businesses with venture investments in over a dozen more.
About Propel Venture Partners
Propel Venture Partners is a San Francisco-based venture capital firm focused on investment opportunities at the intersection of technology and financial services. The Propel team believes the future of financial services will be realized by rethinking and rebuilding. Propel partners with technology-driven entrepreneurs who are transforming the market with their vision and expertise. For more information, visit http://propel.vc/.
About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. Omidyar Network has committed more than $1.3 billion to for- profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including Digital Identity, Education, Emerging Tech, Financial Inclusion, Governance & Citizen Engagement, and Property Rights. You can learn more here: https://www.omidyar.com/.
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