Software startup Lystable has raised $11m in Series A funding in a round led by Peter Thiel’s Valar Ventures and Goldcrest Capital.
Although founded in the UK by Google designer Pete Johnston, Lystable has now reincorporated as a US company.
Peter Johnston said: “This phase is now one of growth. We have figured out a lot of nuances and worked to make our model repeatable and scalable with large companies. Securing this funding allows us to scale out sales and marketing and bring in a number of key senior hires on product and engineering.”
The company said in a statement said that the funding will be used to expand into the US and to grow Lystable’s team in San Francisco.
James Fitzgerald, a founding partner at Valar Ventures, commented on his firm’s investment: “Legacy software is not equipped to deal with the growing freelancer economy. Lystable’s product solves a real pain point for enterprises who are managing an increasing number of freelancers and contractors. Their product is in another league compared with the incumbents.”
The round also drew support from Spring Partners.