ImpactAlpha, May 26 — Roughly 57 million U.S. workers work in the gig economy, and that workforce is expected to grow to 86 million within five years. Gig workers face unpredictable incomes, lack of worker benefits and more.
Toronto-based Moves has raised $5 million to help gig workers access banking, savings and investing services – and opportunities to acquire shares in the companies they work for.
“With increased gas prices impacting take home earnings, and rapid inflation increasing their cost of living, the biggest worry for our members at this time is the sustainability of how they earn a living,” Moves’ Matthew Spoke told ImpactAlpha.
Moves partners with Uber, Lyft, Doordash, Grubhub, Target and Amazon to help its network of 10,000 gig workers earn free, fractional stock rewards for referring a friend, participating in surveys and other activities. The Moves Collective program holds over 4,500 shares in participating companies.
“The Moves Collective is a brilliant solution to a persistent issue for gig workers, who traditionally don’t share in any of the value they have helped to create,” says Laura Lenz of OMERS Ventures, which led the seed round.
Investors in the round include senior executives from Airbnb, eBay, Facebook and Shopify, and some of the companies in the Moves Collective program. Spoke said the Moves Collective aims to “create more ways to earn stock and continue expanding our set of features that help gig workers manage their money.”