Polywork Secures $3.5M Funding - Blending Work & Social

The Evolving Landscape of Work-Life Integration and the Rise of Polywork

Contemporary life presents increasing complexities, a trend mirrored in the realm of work-life balance. This observation forms the foundation of Polywork, a novel professional social network established by Peter Johnson, previously the founder of Lystable and Kalo.

Securing Seed Funding and Notable Backers

Today, Polywork announced the successful completion of a $3.5 million seed funding round. Leading the investment was Ray Tonsing of Caffeinated Capital, recognized as an early investor in companies like Clubhouse, Airtable, and Brex.

The round also saw participation from prominent figures including the founders of YouTube (Steve Chen), Twitch (Kevin Lin), PayPal (Max Levchin), VSCO (Joel Flory), Behance (Scott Belsky), and Worklife VC (Brianne Kimmel), among others.

Leveraging Experience and Networks

Johnson’s extensive network, cultivated during his time at Google and through his previous venture, Lystable/Kalo, proved instrumental in attracting this significant investment. His prior experience demonstrates a capacity for securing venture capital.

The Closure of Lystable/Kalo

However, it has come to light that Johnson’s earlier startup, focused on providing tools for managing freelance and gig workers, is no longer operational. Kalo/Lystable has ceased activity.

The decision to discontinue the business stemmed from an inability to secure continued investor support, likely exacerbated by the pandemic's impact on the freelance workforce as companies reduced their reliance on external talent.

Market Dynamics and Potential Missteps

Despite a surge in venture capital directed towards marketplaces connecting companies with remote talent, Kalo’s fate remains unclear. It’s possible that its emphasis on management tools was superseded by more comprehensive marketplaces that integrated administrative support as a core feature.

Over its seven-year lifespan, Lystable/Kalo raised approximately $30 million, including funding from investors who also participated in Polywork’s seed round. Notably, the majority of Polywork’s investors originate from the social and entertainment sectors.

Polywork's Core Concept: A New Approach to Professional Networking

Johnson’s new venture builds upon his experience in the world of work, representing what he describes as a “moonshot mission” informed by insights gained from Lystable regarding the creation of a professional network.

The platform’s design and functionality closely resemble Twitter, prioritizing the social aspect of professional interaction.

A Twitter-Inspired Social Feed for Professionals

Essentially, Polywork functions as a Twitter-like social feed where professionals can share updates on their activities, both professionally and personally.

Users can showcase their skills, interests (such as “UX design” or “dinosaur enthusiast”), personality traits (“introvert”), and accomplishments (“life partner”) – or even shortcomings (“bad golfer” or “failure”) – through customizable badges displayed on their profiles. This allows for a more holistic representation of individuals and their capabilities.

Gamified Interface and Tagged Content

Posts within the feed can be tagged with relevant categories (e.g., “conducted user research” under “UX Design”), illustrating specific activities. Clicking on a badge reveals a curated view of content related to that tag.

This results in a user interface that is both engaging and informal, encouraging users to express their individuality while simultaneously highlighting their professional work and achievements.

Enhanced Professional Visibility and Recruitment Potential

This approach provides a quick visual overview of an individual’s profile, potentially supplementing information found on platforms like LinkedIn. It also facilitates easy access to specific examples of their work. Recruiters and others seeking professional connections may find the platform valuable for identifying potential candidates and initiating conversations.

Collaboration Requests and User Control

Polywork also enables users to send collaboration requests to others on the network, functioning as an alternative to LinkedIn’s in-mail feature. Users retain control over whether they are open to receiving such requests.

The Blurring Lines Between Work and Personal Life

The increasing integration of home and work, accelerated by the remote work trend, is a defining characteristic of the current era.

Professionals are increasingly focused on developing a diverse range of skills and interests, rather than defining themselves solely by a single job title, a departure from previous generations.

A Millennial-Focused Approach to Professional Identity

Career paths are becoming more complex and multifaceted, often resembling a tapestry rather than a linear progression. Polywork aims to provide a platform where individuals can present a more personal and well-rounded professional identity, encompassing not only their skills and achievements but also their passions and interests.

Competition in the Professional Networking Space

While LinkedIn remains a dominant force, other social media platforms like Twitter and Instagram already serve as informal professional networks. Users frequently leverage these platforms to express their professional selves without the need for dedicated badges or labels.

Challenges and the Risk of Irrelevance

Therefore, attempting to reinvent the professional networking wheel presents a significant challenge. Polywork faces competition not only from established platforms like LinkedIn but also from the broader social media landscape.

Convincing users to adopt a new platform or abandon their existing social networks is a substantial undertaking. The risk of irrelevance remains, despite the platform’s appealing interface. While LinkedIn may be perceived as less engaging, its primary advantage lies in its convenience and low maintenance.

Potential for Integration with Existing Networks

Polywork’s name and philosophy suggest a willingness to coexist with existing professional and social networks, rather than attempting to replace them. However, a supplementary network may lack the prominence needed to gain widespread adoption.

Current Status and Future Outlook

Polywork launched in April and is currently operating a waitlist for new users. User numbers have not yet been disclosed.

In a statement regarding the seed funding, Caffeinated Capital’s Tonsing remarked: “There’s a new generation that wants to work and live on their own terms, not destined for a single track identity. The pandemic accelerated this trend and humans are reevaluating who they are and what’s most important to them in life. Polywork will usher in and facilitate this permanent shift in human behavior. We’re excited to partner with Peter again!”