PHOENIX (April 19, 2023) – YellowBird, a leading EHS and Risk Management technology platform, announced today the completion of its $5 million Seed round funding at an oversubscribed $6.25 million. The funding round was led by Rebalance Capital and Manifold Group, and joined by QBE, Nationwide’s Venture Capital team, Plug and Play, Cameron Ventures, and other investors.
This funding will help YellowBird continue on its growth trajectory, further invest in building technology, and accelerate its customer acquisition and marketplace strategy. YellowBird plans to hire engineering team members to continue developing advanced technology, growing the customer success team to improve client satisfaction and invest in sales and marketing advancements.
YellowBird has grown exponentially in the past two years, with sourced jobs in 42 states. YellowBird has achieved 2x year-over-year revenue and supply growth two years in a row with Environmental, Health and Safety (EHS) professional flex workers. YellowBird’s customer list features Fortune 100 companies, including Nationwide and QBE Insurance, along with major brands in manufacturing, construction and energy. Working EHS and Risk Management Professionals on the YellowBird platform earn an average of $75 per hour.
“We are thrilled to have completed this funding round with the support of two of the nation’s most highly respected impact venture capitalists and two of the largest global insurance brands,” said Michael Zalle, Founder and CEO of YellowBird. “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. Our goal is to help EHS and Risk Management Professionals earn more with greater flexibility and create equitable access to work in the process.”
Josh Tanenbaum, Managing Partner at Rebalance said, “We are immensely impressed by YellowBird’s scalable solution for matching skills in the historically fragmented and friction filled EHS industry. 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.”
Brett Klein, Partner at Manifold added, “YellowBird’s sweeping impact to the EHS labor market has been as far-reaching as we expected. 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.”
According to the United States Bureau of Labor Statistics, there is a death related to work injuries, incidents and accidents every 101 minutes. In addition to the cost of human life, the cost of work-related injuries in 2021 was $167 billion according to the National Safety Council. Benefits of proper EHS management can be significant, both in terms of financial savings and non-financial benefits, and can contribute to the long-term sustainability of a business or industry.
YellowBird is a comprehensive EHS and Risk Management platform that simplifies the complex and fragmented world of safety and loss control management. With more than 5,000 YellowBird Professionals registered, the technology solution is the go-to platform for simplifying EHS and Risk Management. For more information, visit goyellowbird.com.
About Rebalance Capital
Rebalance Capital aspires to be the leading alternative asset manager to address the upward mobility crisis. The firm invests in Series A and B FinTech and WorkforceTech companies across North America. Learn more about Rebalance Capital at rebalancecap.com.
About Manifold Group
Headquartered in Chicago, Manifold is a venture holding company combining an advisory firm, venture fund, and incubation and acceleration studio all under one roof. With expertise in driving growth for companies at all stages of maturity, transforming legacy businesses, and new venture identification and scaling, Manifold is a modern platform for perpetual value creation. Learn more about Manifold at manifold.group.
Vice President of Marketing, YellowBird