The French company Iziwork has secured $43 million in a new investment. This funding round includes participation from Cathay Innovation and the Large Venture fund managed by Bpifrance. The company is developing a platform designed to streamline and enhance the temporary employment sector.

Despite the substantial size of this funding, Iziwork is a relatively new enterprise. Established in September 2018, the total funding received by the company now amounts to $68 million.

Iziwork operates a marketplace connecting businesses with temporary workers. Currently, 2,000 businesses utilize the platform across France and Italy, while 800,000 job seekers have used the application to find employment. It functions as a technology-driven alternative to traditional employment agencies.

Job applicants can complete the onboarding process directly through the mobile app. The system then provides tailored job suggestions based on individual profiles, with 95% of available positions being filled within four hours. All necessary documentation is also managed within the app.

Iziwork aims to provide additional advantages to address the frequent transitions experienced by temporary employees. These benefits include a time savings account and the option to request weekly advances on earned wages.

Recognizing the impracticality of establishing offices in every city, Iziwork has created a network of partner companies. These partners are responsible for sourcing new clients and job opportunities, and they can utilize Iziwork’s application, services, and candidate pool.

This approach effectively expands the available workforce on the Iziwork marketplace. Partners participate in a revenue-sharing agreement with Iziwork.

The company intends to use this latest round of funding to expand its operations into new countries and further develop its technological offerings. Opportunities for growth also remain within its current markets.

Jobandtalent, a competitor in the same industry, recently gained attention after raising $108 million last week. Founded in 2009 and headquartered in Madrid, it reported €500 million in revenue for the previous year.

However, it’s important to acknowledge the considerable size of the temporary work market. Established companies like Adecco and Randstad continue to pose a significant challenge to these newer temporary staffing startups. The future competitive landscape remains to be seen.