Rodeo, the finance app for gig economy workers, has raised $5m (£4m) in an investment round led by LocalGlobe.
Founded in 2021, Rodeo is an app for independent contractors working in the gig economy, most commonly as couriers for companies like Just Eat and Uber Eats.
Users can track their earnings from across their various jobs, as well as see potential earnings from other jobs, with the app recommending work with the highest pay prospects.
The app provides this data from its users sharing data about their pay, which helps Rodeo track earnings in real time for short-term contract jobs.
The London-based company said that more 9,000 gig economy workers so far have used the app. Now armed with new funding, Rodeo will be looking to expand its service to the rest of the estimated 7.25 million UK-based gig workers.
“We’re on a mission to make life better for gig workers, and this funding round will enable us to help hundreds of thousands of hard-working drivers,” said Alfie Pearce-Higgins, co-founder and CEO of Rodeo.
“Many of our users like the independence and flexibility that gig work provides. But for this to be sustainable we believe gig workers need greater visibility of their work so that they can make informed choices and manage their finances. Rodeo helps to solve these problems.”
The LocalGlobe-led investment round also featured participation from Seedcamp and From Ventures.
“Rodeo has come up with an innovative solution that will help delivery drivers to work more efficiently and maximise their rewards for their hard work,” said Emma Phillips, partner at LocalGlobe.
“We are excited to support the team in taking the gig worker experience to the next level.”
Last month, Rodeo ran into trouble with one of the largest UK gig economy employers when food delivery app Deliveroo restricted Rodeo’s access to the earnings data of its couriers.
A Deliveroo spokesperson said at the time that the company “supported Rodeo’s objectives”, however, it “accessed Deliveroo’s rider app without authorisation”.