A Phoenix-based software startup that connects companies with environmental, health and safety professionals raised a new round of funding to expand its technology and workforce.
YellowBird said it closed a $6.25 million oversubscribed seed funding round led by Rebalance Capital and Manifold Group with participation from QBE, Nationwide’s venture capital team, Plug and Play and Cameron Ventures, among other investors. The company was initially seeking $5 million in funding.
YellowBird will use the new capital to further invest in its technology as well as accelerate its customer acquisition and marketplace strategy, the company said in its announcement.
“This funding will provide resources to continue developing our platform’s technology, particularly artificial intelligence, performance tracking and delivery efficiency, as well as introduce upskilling opportunities for our professionals,” Michael Zalle, founder and CEO of YellowBird, said in a statement. “Our goal is to help EHS and risk management professionals earn more with greater flexibility and create equitable access to work in the process.”
YellowBird, founded in 2019 by Zalle and Michelle Tinsley, developed a health and safety skilled labor and consulting app that matches subject-matter experts with construction, manufacturing and insurance companies.
More than 5,000 professionals are registered on YellowBird’s platform, which is available nationwide.
“YellowBird’s sweeping impact to the environmental, health and safety labor market has been as far-reaching as we expected,” Brett Klein, partner at Manifold, said in a statement. “They fill a huge gap in the risk management space and the problems they are solving are demonstrative of why we invest in the future of work. Michael and Michelle are tenacious founders, and we couldn’t be happier to be a part of their growth story.”
YellowBird CEO: Company is growing exponentially
YellowBird, which was among startups that participated in this year’s AZ Inno Madness bracket-style competition, has grown exponentially in the past two years, Zalle told the Business Journal.
The company doubled its year-over-year revenue and quadrupled the volume of jobs on its platform, Zalle said.
The company did not disclose its revenue.
YellowBird plans to hire 10 employees by the end of the year, including customer service, sales and marketing professionals as well as engineers to further scale its technology.
“We are immensely impressed by YellowBird’s scalable solution for matching skills in the historically fragmented and friction-filled EHS industry,” Josh Tanenbaum, managing partner at Rebalance, said in a statement. “Equally important, they are creating equitable access to work for all levels of education and ability. We are proud to be part of this journey and the contribution this business is making to workforce development.”
YellowBird’s customers include Fortune 100 companies — such as Nationwide and QBE Insurance — along with other manufacturing, construction and energy firms. Professionals on YellowBird’s platform earn an average of $75 per hour, according to the company.
In the coming year, the company will continue to focus on expanding its customer base and enhancing its platform to make it easier for professionals to upload new certifications and skills.
“As we have supplied wonderful organizations, we have grown with a positive reputation," Zalle said. "...That's what's our goal here is: to make sure people walk away saying, ‘Wow, that was a really good experience.'"
