Kuala Lumpur, Nov 15: Qwork, a dynamic platform revolutionizing job solutions for both employers and employees, has successfully closed an investment deal with Artem Ventures, a leading VC fund management company.
The funding will propel Qwork into its Series A round, facilitating an extensive expansion plan throughout Southeast Asia.
The homegrown platform is set to optimize manpower through gig workers, offering sustainable benefits and upskilling opportunities for all participants.
Artem Ventures Fuels Qwork’s Growth
Artem Ventures, currently managing a maiden RM45 million fund in Malaysia, specializes in investing in early-stage fintech and insurtech companies.
With this recent investment, Qwork aims to broaden its offerings to various industries, ensuring optimal utilization of gig workers and fostering sustainable benefits for freelancers, commonly referred to as ‘giggers.’
Qwork’s Journey and Impact
Founded in 2017, Qwork has established itself as a financially sustainable gig community, providing job seekers with perks and social benefits akin to full-time employment. The platform’s specialized services match skills with the dynamic manpower needs of businesses, offering freelancers the freedom to work, earn, and learn on their own terms.
Over the past six years, Qwork has collaborated with over 100,000 gig workers across 11 Southeast Asian countries, delivering services to prominent companies such as Zalora, Busybees Asia, Dynapack Asia, J&T Express, and Jakel. Qwork’s impact extends beyond connectivity, having paid out over US$3 million (>RM10 million) to giggers and saving businesses up to 60 percent of operational costs.
In 2023 alone, Qwork has connected more than 15,000 individuals with companies, clocking in close to 2 million working hours. Recognizing the importance of upskilling, Qwork has dedicated over 280,000 hours to working with partners worldwide, ensuring its giggers stay competitive in their fields.
Qwork’s Vision for the Future
Muna Munirah, CEO and Co-Founder of Qwork, envisions a future where Qwork’s services reach economic powerhouses in Southeast Asia, collaborating with strategic partners in Thailand, Vietnam, and the Philippines.
The funds from Artem Ventures will facilitate Qwork’s expansion into Vietnam, potentially Thailand, by the next year, doubling the number of giggers and upskilling training hours by Q4 2024.
Qwork also aims to extend its impact to rural communities in Malaysia, Indonesia, and Singapore, beyond urban spaces. The platform seeks to contribute to local economies, enhancing livelihoods and business prospects for communities in these countries.
Artem Ventures’ Perspective
Tunku Omar Asraf, Principal of Artem Ventures, emphasizes the significance of Qwork in shaping the future of work through the gig economy.
“We believe the future of work hinges on the infrastructure of the gig economy. Qwork has established itself as a critical ecosystem player in helping enterprises adopt gig workers and ensuring they have equivalent benefits to full-time employees, which encompasses insurance, financial assistance, services, and many others. This aligns strongly with TIM Ventures’ fund’s objectives in promoting inclusion and social development.”
As Qwork advances toward its Series A funding round, the platform’s vision of a comprehensive gig economy ecosystem, promoting inclusivity and social development, seems set to redefine the landscape of Southeast Asian employment.
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