Is the demand for flexible employment affecting your business?
Orka Technology Group is a Manchester-based start-up that creates solutions for hourly workers. The business has successfully raised £29 million during its most recent funding round. The capital is a combination of debt financing from Sonovate and equity funding from the British Bank Future Fund and existing investors, such as Peter Searle, previous UK CEO of Adecco, an international HR specialist.
Since the company was established in 2017, Orka has fundraised a total of £31.5 million. The most recent round will be used to grow Orka Pay, which enables workers to withdraw up to 50% of their pay once a shift has been worked, providing an alternative to credit card debt and high-interest loans. Additionally, Orka Technology plans to double its personnel in 2021 and invest in its portfolio of tech solutions for shift workers, including the business’ original product Orka Works which is a labour-as-a-service platform. Orka Works is used by over 50,000 people in the UK and in Q3 of 2020 experience a 150% year-on-year revenue growth.
Currently, many industries in the UK are shifting towards flexible employment. Orka Technology aims to cater for this transition. For example, Orka Pay will capitalise on the growing demand of businesses and workers to provide flexible payment options, whilst Orka Check, which will be released later this year, will streamline the worker background check process.
Co-founder and CEO of Orka, Tom Pickersgill, said “Four years ago we set out to transform the experience of hourly-paid workers who make up 85% of the global workforce. What we’re doing is unique in this sector, and thanks to this funding, we’ll be able to reach many more businesses and their employees in the coming year – and improve the service that we can offer them.”
Picture – Orka Co-Founders (left to right): James Doyle, Tom Pickersgill and Nick Groves. (Credit: Orka Technology)