Valar Ventures, the US-based venture fund backed by Peter Thiel, just made another investment in a London-based company.
Lystable has secured $US1.5 million (£973,350) from Valar Ventures, making it only the second startup in London to interest Thiel’s firm. Transferwise raised $US6 million from Valar in 2013.
Lystable believes that the way companies currently interact with freelance staff doesn’t work.
“The way we all do business has fundamentally changed,” the company’s founder and CEO Peter Johnston said in a release quoted by Tech City News. Johnston, a former Google designer, founded the company in February 2014 after graduating from the Techstars London accelerator programme.
“While at Google, I experienced on a global level the pain of handling hundreds of relationships and interactions with freelancers, agencies and services.”
“The navigation of this workflow for both enterprises and external parties is currently a mess,” he added. “Our solution aims to solve this by centralising the data companies need in order to find, manage and evaluate the right partners.”
Lystable allows companies to “lyst” all their freelancers, agencies and services in one place, so every person in the company can access it.
The funding will help Lystable to add to its product team, which is made up of designers and engineers who joined the company from Google, Salesforce, Huddle and Onefinestay. The Tech City News report adds that the company has ambitious growth plans, but did not elaborate on what form they might take.
Business Insider has reached out to Lystable but has not yet had a response.
Backed, Playfair Capital, Mark Evans, Richard Fearn, Guy Podjarny, Courtney Grant and Leila Rastegar Zegna also participated in the round.