We are pleased to announce our investment in Everee. Origin Ventures is co-leading a $10M Series A financing for this Salt Lake City-based software company. The round was co-led by Signal Peak Ventures.
Changing Paydays for a Changing Workforce
Since 2008, the ‘gig economy’ has allowed individuals to create an income from a variety of on-demand jobs. In addition to flexibility, one of the primary benefits of freelance work is the opportunity to get paid almost immediately – whether it’s for a ride from a passenger’s home to an airport, or a completed graphic design.
At the same time, new financial tools such as Venmo and Zelle make it easier than ever for peer-to-peer financial transactions, while Apple Pay and other apps make it simple to split the bill, pay the rent, or buy a song.
With money flowing freely in the gig economy and through consumer finance apps, the structure of weekly and bi-weekly paydays makes increasingly less sense to Millennials and Gen Z. This is particularly true when 78% of U.S. workers live paycheck to paycheck, pushing employees to the $90B payday loan market and other third party services providing access to a portion of their earnings – often at a significant cost in transaction fees or high interest rates.
But what if that next paycheck was tomorrow? And then again the next day? And the next business day after that?
Everee: Get Paid Every Day
That’s the promise of Everee, a 100% cloud-based and mobile-first payroll software company that offers payday flexibility, including the opportunity to get paid 100% of earnings the next day. The company makes it easy for payroll managers to approve time cards and leverages the same-day ACH rails introduced into the U.S. banking system in 2016 to facilitate frequent transfers to employees at no additional cost. Everee is disrupting the $11B payroll processing market by significantly improving the experience for both the employee and the employer.
The company’s founding team includes three former executives of software startup Teem, a previous Origin Ventures investment that was acquired by WeWork in 2018. CEO Brett Barlow recently joined Everee from Pluralsight following its successful IPO in 2018.
The investment is aligned with our thesis centered around Digital Natives – individuals born after 1980 that have a relationship with technology influenced by their lifetime use of the Internet, a smartphone, and social media. It’s another investment in the “Workplace of the Future” (WoTF) theme – this time focused on rewards and recognition. Previous investments in the WoTF include Teem (productivity), Fountain (on-boarding), 15Five (performance management), Pronto (communications), and Mighty (teamwork).
While Tom Cruise may have been the first to make the phrase “show me the money!” popular in the 1996 film Jerry Maguire, we are looking forward to working closely with Everee as they show thousands of employees the money – the very next day after they earned it.