Stop trying to make Polywork happen. It’s already happening. You may even be working a lot as you read this.
Multiplexing is a venture-backed startup that is building a professional network to help people express their multihyphenated work lives. In other words, if you’re a journalist who’s also a podcaster, wants to write a book, and wants to teach at a university someday, Polywork wants to give you, I am in this situation, a place for expression. According to CEO and founder Peter Johnston, the name deliberately sounds like a verb “that kind of job.”
Polywork announced today that it has raised a $28 million Series B round, co-led by former GitHub CEO Nat Friedman and Caffeinated Capital. Other investors also participated in the round, including Instacart CEO Fidji Simo and founders of Instacart, Stripe, Lyft, Clubhouse, Lattice, Minted and Divvy Homes. Andreessen Horowitz, who led Polywork’s $13 million Series A round, also participated but did not lead the round.
This round of financing marks the official launch of the internal beta version of Polywork.The founder and CEO of Polywork Peter Johnston The refusal to share specific user numbers, other than the fact that they are growing, shows the platform’s ability to give users a place to express themselves.
Image credit: Polywork
In other words, the startup believes it has found a product that fits the market. Since its initial launch, Polywork has tracked registered users to better understand what they want to do after they visit the site – beyond self-expression. The call to action quickly became an opportunity to help people find mutual cooperation, Johnston explained.
“If LinkedIn is a network that offers full-time opportunities, then we are a network that offers opportunities to collaborate,” he added.
Not all features will be available to the public. For example, Polywork is launching Clubs in private beta, a dedicated group space designed to help people collaborate. Imagine a group of people gathered through badge-based entries and proof of experience. According to Polywork, there will be a moderator to facilitate collaboration in the group.
The company’s early adopters are mostly people working full-time in tech looking to expand their part-time jobs as angel investors, podcasters or correspondent writers. The founders explained that some see the rise of multi-hyphenated jobs as just another example of glorifying the hustle and bustle culture. In response, he said, “This generation is definitely getting energy from doing more, rather than making them feel tired or exhausted.” At the same time, some reports It shows that millennials and Gen Z employees have the highest burnout rates at 59% and 58%, respectively.Other reports say More Americans Take Second Jobs to Fight Inflation, not so much their passion. At the same time, more than 50 million people, According to fast companyconsiders himself a creator.
The conflicting trends provide nuance to the need for smoother professional networking and the reality of making multi-hyphenation work more prominent.
“Their expertise gives them the ability to try these multiple things at once,” Johnston said. “A lot of things do come back to the question of money and people wanting to supplement their income, but it’s really more about people needing and wanting energy from it – and breaking down the fact that they’re working during a pandemic … which allows them to try Something completely new in a lightweight way.”
Polywork does not have a revenue plan as it is more focused on growth and product. Monetization in the future might look like custom user Polywork templates or around advanced search similar to LinkedIn Premium.
Polywork faces the same challenges that any market could face. If its value proposition is more partnership opportunities, how does it get not only people who want book agency, but enough book agency to make reading an option? Everyone is probably looking for a podcast co-host, but what if everyone has their own ideas and doesn’t necessarily want to join forces with someone else?
The future of collaboration is fruitful, but also complex. But Polywork has cleverly crafted its focus as a career network focused on the future, tapping into people’s hopes and dreams beyond the past or the present.
