Wingspan, a payroll platform aimed at firms employing mainly freelancers, has closed a funding round — a $14 million Series A — led by Andreessen Horowitz (a16z) with participation from existing investors including Distributed Ventures, Long Journey Ventures, Ludlow Ventures and 186 Ventures.
Wingspan founded by Anthony Mironov and Greg Franczyk, replaces multiple categories of tools typically used by mid-market businesses. Wingspan provides onboarding and management tools that allow companies to invite contractors with just an email, perform background checks and make same-day payments. Contractors can add a bank account, W-9 and any necessary e-signed documents themselves.
On the back end, employers get automated workflows for generating and filing contractor 1099 tax forms that attempt to identify write-offs and estimate withholdings. They also have the option of offering contractors access to discounted health, vision, dental and life insurance through the platform, Mironov says.
Cofounder of Wingspan, Mironov said:
Contractor data is spread across multiple business systems across orgs and needs to be maintained and updated manually when a contractor’s status changes (e.g. when they leave, change their address, change their bank account) — creating significant administrative overhead. Wingspan solves this by acting as a system of record for contractor identities. Our company-contractor graph allows companies to pay contractors who already have a profile on the system much quicker while giving contractors a single home for their administrative and financial needs across all clients
The new round f funding brings the company’s total raised to $23.5 million, which Mironov says is being put toward expanding the Wingspan platform and team. Wingspan plans to double its 20-person team by the end of the year.
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