Lystable secures $11m from Peter Thiel’s venture fund
London-based enterprise software start-up has reincorporated as a US company and now plans to focus on growing its Silicon Valley office
UK staff management platform Lystable has closed $11m in a Series A round led by Valar Ventures, the fund backed by PayPal co-found Peter Thiel, Goldcrest Capital and Spring Partners.
Launched in 2014 by former Google designer Peter Johnston, London-based Lystable helps large businesses communicate with, manage and pay, their freelance workforce and external service providers.
Its enterprise software offering has attracted over 60 brands, including MTV, Airbnb, and The Economist, and it now manages more than 20,000 contractors and vendors every week.
To coincide with the investment – which follows a $3.5m round led by Thiel in December of last year – the UK-founded start-up has announced that it has reincorporated as a US company with plans to “expand quickly in America”.
As part of this US focus, it will use the funding to grow its San Franscico team to 35 people by the end of the year.
Johnston commented:“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 deal sees James Fitzgerald of Valar Ventures and Leila Zegna of Spring Partners join Lystable’s board of directors. On its investment, Valar Ventures’ Fitzgerald said:
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“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.”