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Introduction to the Future of Work
The future of work, as we know it today, has been discussed since the late 1990s in anticipation of technological innovations that could threaten traditional boundaries of work or sensitive industries. This prompted the United Nations to study the impacts to the labor market and to set effective policy guidelines to account for this global shift, especially with regard to youth employment as they will have the largest impact from this. Despite the guidelines set for a steady progression to meet these challenges in the future, the 2020 global pandemic had upended this expectation and accelerated the future of work to meet the unprecedented circumstances of the time.
Within the context of the pandemic, lockdowns were implemented, and workforces were either taken to remote or hybrid structures with social distancing in place to prevent the spread of Covid-19 or had lost employment from the initial shock to the global economy. This crisis had sparked a way for innovators and organizations to adapt to these changes and enable workers to fit their circumstances, change professions, and even start using artificial intelligence in their daily work.
Currently, funding for the future of work continues to be strong and investors are optimistic on artificial intelligence with its use cases to increase productivity for the new normal of remote and hybrid work structures. Companies are also gaining from this shift using contractors and cross-border teams due to the nature of remote work. Fujn has curated a list of 5 startups that have been funded between 2022 to 2024 that are contributing to the future of work with a focus on mental health, upskilling, global workforce, the gig economy, and artificial intelligence.
Disclaimer: This list was chosen based on a combination of funding, approach, and innovation within the Future of Work and is in no way intended to give judgement on the value of these startups.
These are the top 5 startups we believe are changing the Future of Work
- Augmend
- Ifeel
- Instawork
- Remote
- Guild
1. Augmend
Augmend is a startup that is dedicated to creating AI agent and human interactions that can help users focus on the important tasks instead of parsing or creating time-consuming how to guides and documentation across teams. AI agents can be described as programs that can autonomously act on a set of instructions and perform tasks without manual inputs between each step to deliver the desired final objective. AI agents are an exciting development and are seen as the next step after the initial optimism seen around generative AI and Augmend presents one use case for AI agents.
Automating knowledge sharing is a powerful tool for engineers and can help teams meet objectives easier and continuously iterate without interruptions that can push time estimates for larger projects as, for example, both updating documents and bringing teams up to speed can be time consuming. This also proves extremely valuable for companies in a field where engineers job-hop every 2 years on average to advance their career prospects.
Augmend has raised $2.2 million in their pre-seed round led by several venture capital funds focused on artificial intelligence, such as Madrona Venture Labs.
2. Ifeel
Ifeel, a global mental health solution platform, is designed to be incorporated within human resources departments that brings mental health to B2B clients in addition to their original mission of serving the B2C market. It has garnered great attention and was positioned to handle the transition to remote and hybrid structures.
With teleworking solidified as a permanent phenomenon in the business world, it has come to the attention of employers and healthcare professionals that remote work has some downsides with respect to health, in particular, isolation and anxiety. Ifeel provides an experience with licensed psychologists coupled with tools that can help users to help their mental wellbeing. These tools and metrics can be used by HR to build an effective well-being program that can address the needs of team members and study anonymous responses about the psychological well-being of employees to fix the underlying issues.
Ifeel has raised $6.6 million in 2021 in a Venture round led by Nauta Capital, a venture capital firm focused on early-stage B2B software. Ifeel also raised $11 million in a Series A round and more recently raised $20 million in a Series B round.
3. Guild
Guild is both an education and upskilling platform aimed at providing adults with an ability to break into a new sector and gain the skills they need through a content marketplace combined with career coaches to reach their potential. Guild works as a for-profit platform that works with employers to upskill their workers with the best example being their largest partner, Walmart. Guild has a variety of content from English as a second language (ESL) to college prep through universities acting as providers for this content.
Guild started in 2015 has gone onto raise a total of $643 million in seven rounds from venture capital firms. Wellington Management led the financing and had set a $4.4 billion valuation on Guild Education.
4. Remote
Remote is a global Human Resources (HR) platform that allows companies to approve payroll and serves as a central point for HR data. Remote enables employers to manage payments and compliance for a global remote workforce as different countries have different tax requirements and reporting standards. Remote can provide a framework for HR managers on the costs of each applicable in their global talent pool, but also ensure that it is competitive relative to their location.
Remote had raised $300 million in 2022 in a Series C a year after a $150 million Series B raise and valuation of $1 billion, cementing its unicorn status in the world of startups.
5. Instawork
A new take on the gig economy, Instawork provides an Uber-like experience for businesses and helps them meet gig workers that need hourly workers to fill temporary gaps in employment. Another feature is using AI to optimize worker fit for an employer and determine the best rate of return for businesses. Instawork has helped blue-collar workers, post-pandemic, to find employment and potentially earn higher than they would have in a traditional setting.
Instawork raised $60 million in their Series D round in 2023. Instawork has had 7 funding rounds and continues to be a popular on-demand app with more than 40 countries it operates in.
Conclusion
The future of work continues to evolve rapidly, driven by technological advancements, changing work structures, and global events like the COVID-19 pandemic. The five startups highlighted in this article – Augmend, Ifeel, Guild, Remote, and Instawork – exemplify the diverse and innovative approaches being taken to address the challenges and opportunities of remote and hybrid workforces.
As we continue forward, it’s clear that the future of work will be shaped by a combination of technological innovation, a focus on employee well-being, global connectivity, and adaptable workforce models that can withstand global disruptions. These startups, along with others in the field, are at the forefront of this transformation, creating solutions that aim to make work more efficient, inclusive, and aligned with the needs of both employees and employers in the 21st century.
As these and other innovations take hold, it will be crucial to monitor their impacts and ensure that the benefits of these advancements are distributed equitably across the global workforce.
If you enjoyed this post, please check these 5 startups innovating in Edtech and Learning here.
