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The Antler Investor Memo Series: MyGigsters helps gig economy work to achieve financial success

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Early stage investment firm Antler Australia recently supported 13 startups as part of its ongoing program to build great local tech companies.

Startup Daily has shared the details of each venture in the “Antler Investor Memos” series, and today it’s the final profile of those ventures.

This series is designed to give you a fast, a keen understanding of the startups and people involved, with many looking for follow-on capital after Antler’s initial pre-seed investment.

Company: MyGigsters

Date of incorporation: 2022

Operating phase: Preseed

founders: Benjemen Elengovan, CEO and Founder

Current investors: Antler, LaunchVic, Startmate and angel investors

Currently increasing: Yes

Company

MyGigsters is a community-supported platform that gives gig workers access to financial services and helps them on their journey to become financially secure.

Through the MyGigsters platform, gig workers can take control of their personal finances with the ability to track and maximize revenue and reduce tax and expense administration.

MyGigsters leverages real-time data on income, expenses, and work history alongside advanced analytics to provide hyper-personalized insights to gig workers to improve their financial well-being.

Antler investment thesis

“With the boom in the gig economy, the proliferation of software to leverage and support this workforce has followed suit. MyGigster’s combines a large and growing market opportunity with an offering that addresses the fundamental problem of financial insecurity among gig workers, by enabling them to take control of their financial situation. This excites us,” said Cath Rogers, partner of Antler Australia.

“Benjemen’s early traction with Tier 1 partners and its recognition as an emerging entrepreneur is impressive.

“Steady growth in the MyGigsters community highlights gig workers’ hunger for solutions that bolster their financial situation.”

Traction/Milestones

MyGigisters is rapidly expanding its active user base with 60% growth in weekly users and now over 2500 users on the platform.

It has contracted with key partners including WorkSafe Victoria and Transport Safety Victoria, while financing Launch Vic and Startmate, in addition to Antler.

Benjemen was also recently named Entrepreneur of the Year at Commbank’s Young Hero Awards.

Due Diligence Resources

Explore MyGigster’s pitch video and investor deck via The Antler Portfolio Reveal Platform.

Latest financing

Pre-Seed from Antler

Use of funds

Antler’s investment in MyGigster’s Pre-Seed round, alongside LaunchVic, Startmate and angel investors, has allowed it to focus on product development, community engagement and strategic partnerships.

The founders say:

“We are building a global financial services platform for gig economy workers by gig economy workers,” said Benjemen Elengovan, CEO and founder of MyGigsters.

“An alarming number of workers in the gig economy are financially insecure as they navigate the uncertainties of gig platforms. Not only that, most have no income protection and are not prepared for unexpected financial problems.

“As former gig employees, our founding team understands first hand the opportunities, challenges and issues within the industry. Our community-backed platform empowers gig workers to access financial services and ultimately become financially secure.

“Antler has helped us connect with the industry leaders, stakeholders, the wider VC community and the startup community.

“In addition, Antler’s coaching session helped MyGigsters significantly in decision making through the startup journey that focuses on product growth and sustainability.”

What’s next?

Antler, an early stage global VC, recently showcased its latest investments in ambitious Australian founders and startups.

MyGigsters was one of Antler Australia’s newest portfolio companies.

Find out how MyGigsters empowers gig workers to become financially secure through the Antlers Portfolio Reveal Platform.

  • StartupDaily is Antler’s official media partner in Australia.

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