Pared raises $10M Series A funding led by CRV
We are thrilled to announce that Pared has raised our $10 million Series A round led by CRV with participation from our seed round investors Uncork Capital and True Ventures. Saar Gur, partner at CRV, will be joining our board.
What Are We Doing?
We founded Pared in 2015 to solve the biggest problem facing the hospitality industry today: staffing. Restaurants around the country (New York, San Francisco, Chicago, Los Angeles, Washington DC, Charleston, Denver, Richmond) and the world (England, Ireland, Canada) are experiencing the pain of the global shortage of cooks. On average, hourly workers have to work 2.5 jobs to make ends meet. 70% of cooks and 99% of dishwashers are paid hourly. Cooks in the restaurant industry have worked a median of 12 years. The average salary for a line cook in San Francisco is $16.41 with no benefits like health or retirement plans.
Restaurant jobs have grown faster than the overall economy every month for the past seven years, growing faster than manufacturing, construction, or health care. To make up for the lack of staff, restaurants are having to get creative from limiting the number of menu items to eliminating tipping. The consequence of working short-staffed is poor quality and negative reviews which results in reputation damage and lost revenues. Pared is changing the paradigm of how restaurants operate and get through service.
The mission of Pared is to make restaurant life easier for both sides of the marketplace. We’ve created a platform that allows operators to book pre-vetted restaurant professionals who have the skills to fill their shifts. Pared creates more transparency between the needs of a restaurateur and the skills and availability of restaurant labor. Rather than trying to find part-time and full-time staff that turns over constantly, we identify the under-utilized capacity in the market and find them gigs that work with their schedules. We match skilled restaurant professionals with operators that need those specific skills. Operators get the talent they require to get through service, pros gain flexibility and higher pay for their much needed skillset. Both sides of the transaction win.
As restaurant operators we’re too busy and in the weeds to solve this huge staffing problem facing our industry. The old ways are not working and we need smart people like Will and Dave to come up with creative solutions like Pared to help change the way we think about staffing.”
– Traci Des Jardins
What We Have Done
Since launching the service in December 2015, Pared has filled over 40,000 shifts over 1,000 customers around the San Francisco Bay Area and New York City (launched in March 2018). We work with customers ranging from 3-star Michelin restaurants to fast casual chains. Our clientele includes well-known names such as The Slanted Door, Bouchon Bakery, Jardiniere, Atelier Crenn, Saison, Taim Falafel, Boba Guys, Curry Up Now, Cookshop, Dirt Candy, Nom Wah, Halal Guys, Mixt Greens, Rosa Mexicano, Octavia, Spruce, Coqueta and many more. We have restaurants signing up daily from around the country and the world, despite only being available in two markets.
Through Pared, restaurant workers are empowered to choose their own flexible schedules while earning over $20 per hour (on average). Many cooks and dishwashers are earning over $4,000 per month relying entirely on Pared for their income. Compare that to how much gig economy workers make on other platforms like Uber and Postmates.
Unlike most two-sided marketplaces, Pared allows professionals to build their reputation on the platform so they can increase their skills and earning potential over time. Pros love working on Pared because they are leveraging their experience and network to improve their livelihoods. We are empowering people to take ownership of their work identity in an industry that has never had that option before. We have heard from Pros time and time again how much they prefer Pared to taking a second (or third) job or driving for a ride sharing company. They ask when we’ll be in other cities so they can work gigs while when they travel or move away. We have many inspiring stories of Pros who have gone on to open their own restaurants or catering businesses or have been able to spend weekends with their friends and families which they hadn’t done in many years because of the nature of the industry.
What We Will Do
With this Series A fundraise, we are going to continue to build out products and features that make the lives of both restaurant operators and workers easier. We will focus on improving the user experience and quality and accuracy of our matching system. And we will explore expansion into new markets. We’re thrilled to have Saar Gur from CRV joining our board bringing his unique insight and experience investing in marketplace businesses such as DoorDash, ClassPass and Patreon.
If you run a restaurant, catering company, commissary kitchen, food truck or corporate kitchen in New York or the San Francisco Bay Area, sign up now to get access to thousands of restaurant professionals for free today. If you have experience working in restaurants and want a flexible schedule making more money, apply to become a Pared Pro.
If you are passionate about solving a big problem, love restaurants and are excited about helping small businesses and empowering people, please consider joining our team! We are a fun group of diverse, passionate folks who love food and have a lot of fun building a great product and service that we are proud of. Together we have several decades of combined work experience in tech (Lyft, Instacart, Apple, Square, Wealthfront) and hospitality (Morimoto, The French Laundry, Bi-Rite, Petit Crenn). From having our holiday party at State Bird Provisions prepared by James Beard award-winning chef Stuart Brioza himself to escape rooms and ping pong tournaments, we really enjoy spending time together.
We are currently looking for backend and full-stack engineers (our stack is Node.js, Postgres, React, Redux and React Native mobile apps). If working on system design, machine learning, payments, dynamic pricing and lots of other fun challenges excites you, then we’d love to talk to you!
Special thanks to our investors and advisors who got us here: Stephanie Palmeri from Uncork Capital, Thomas Keller, Jon Callaghan at True Ventures, Charles Hudson at Precursor Ventures, Shawn Merani at Flight VC, Gokul Rajaram from Square, Jeremy Stoppelman from Yelp, Steve Chen from YouTube, Seth Sternberg, Cameron Ring and Sandy Jen from Honor, Mike and Albert Lee from MyFitnessPal, Chef Joey Altman, Andrew Chau from Boba Guys, Curtis Lee from Luxe, Lawrence Kim from Taco Bell, Jonathan Gheller, Jed York and the San Francisco 49ers, Kevin Chou from Kabam, Jon Lee from Prosperworks, Eurie Kim, Ben Boyer, Jason Wang from Caviar, and many other investors for their support.