Afternoon Coffee: Gigster Lands $20 Million in Series B Round, Staples B2B Sales Dip in Second Quarter

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Gigster announced Wednesday it had received $20 million in a Series B funding round led by Redpoint Ventures, according to a press release. The company plans to use the funding to accelerate development of its core technology platform, improve service delivery to clients and grow its core team by 100 people in the next 12 months.

"Gigster is a type of online work platform that seems be gaining traction in the space,” said Andrew Karpie, director services and labor procurement and Spend Matters. “There are a number of defining characteristics.

“First, Gigster is exclusively focused on software and solution development — obviously a hot labor market. Second, Gigster does not sell workers (like a marketplace), it sells project outcomes — in effect SOW. Third, the freelance workforce that Gigster engages in the projects it delivers is highly vetted. And finally, Gigster provides its developers with a set of integrated project and development tools that embody guiding practices that are being continuously being optimized through machine learning.

“When you look at Gigster and other platforms that have these characteristics, you realize that just over several years online work platforms have come a very long way from the Wild West, open online marketplaces that first made headlines."

Staples B2B Sales 

Where does Staples make the bulk of its profits? In its B2B segment, as may surprise some of our readers.

Although B2B sales at the office retailer fell 1.6% in the second quarter, as Digital Commerce 360 reports, they produced $138 million in net income. That fared noticeably better than retail sales, which declined 6% and posted a net loss of $4 million.

LevaData Funding

Sourcing provider LevaData announced Tuesday it had received a $5 million Series A investment from Tola Capital, according to a press release.

“Our vision is to revolutionize the way procurement leaders manage their sourcing and procurement by being able to sense opportunities and risks faster, make smarter decisions, and act effectively using the latest AI technologies,” said LevaData CEO Rajesh Kalidindi. “We are leveraging our roots in supply chain operations to offer a purpose-built Cognitive Sourcing Platform that helps sourcing, supply chain and product engineering professionals make the right part and supplier choices, optimize costs and reduce risk.”

US GDP

And finally, an economic update: The Commerce Department released Wednesday revised second-quarter GDP numbers, CNBC reports, showing the economy grew 3%, faster than initially thought.

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