The Antler Investor Memo Series: MyGigsters is helping gig economy works achieve financial success

Early stage investment company Antler Australia recently backed 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 quick, sharp understanding of the startups and people involved, with many seeking follow up capital following Antler’s initial pre-seed investment.

Company: MyGigsters

Formation date: 2022

Stage of business: Pre-Seed

Founders: Benjemen Elengovan, CEO and founder

Current investors: Antler, LaunchVic, Startmate and angel investors

Currently raising: Yes

The business

MyGigsters is a community-backed platform that enables gig workers to access financial services, helping them on their journey to become financially secure.

Through the MyGigsters platform, gig workers are empowered to take control of their personal finances with the ability to track and maximise earnings and reduce tax and expense administration.

MyGigsters leverages real-time data on earnings, expenses and work history alongside advanced analytics to provide hyper-personalised insights for gig workers to improve their financial wellbeing.

Antler investment thesis

“With the boom of the gig economy, the proliferation of software to harness and support this workforce has followed suit. MyGigster’s combines a large and growing market opportunity with an offering that addresses the fundamental issue of financial insecurity among gig workers, by empowering 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 his recognition as an emerging entrepreneur are impressive.

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

Traction/milestones

MyGigisters is rapidly growing its active user base with 60% growth in weekly users and now over 2,500 users on the platform.

It has secured contracts with major partners including WorkSafe Victoria and Transport Safety Victoria, while banking funding from Launch Vic and Startmate, alongside 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 funding

Pre-Seed from Antler

Use of funds

Antler’s investment in MyGigster’s Pre-Seed round, alongside LaunchVic, Startmate and angel investors, has enabled 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 gig economy workers are financially insecure as they navigate through the uncertainties of gig platforms. Not just that, most do not have income protection and are not prepared for any unexpected financial trouble.

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

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

“In addition, Antler’s coaching session has significantly helped MyGigsters navigate the decision through the startup journey focussing on product growth and sustainability.”