Traba Secures $22 Million Investment Led by Founders Fund, for Nationwide Expansion

Miami-based marketplace startup Traba is making waves in the light industrial staffing industry. Today, the company announced a successful $22 million funding round, with Peter Thiel’s Founders Fund taking the lead. This marks Founders Fund’s first investment from Fund VIII and showcases substantial growth in Traba’s valuation compared to the previous year. The round also saw participation from existing investor Khosla Ventures. This latest funding round elevates Traba’s total raised capital to $43.6 million, following a $20 million Series A round last year.

Founded in 2021, Traba is a tech company on a mission to reform the traditional staffing industry. The platform connects light industrial businesses in need of temporary staffing with qualified and dependable workers eager to take on shifts. This matchmaking process unleashes productivity, facilitates growth, and enhances earning potential for both businesses and workers in the light industrial sector.

Traba’s Remarkable 4X Growth

Traba has achieved remarkable growth in a short period. The startup now serves tens of thousands of workers and hundreds of businesses operating in distribution centers, warehouses, food processing facilities, manufacturing, and similar sectors across the United States. Traba has expanded its presence to both Miami and New York.

Keith Rabois, General Partner at Founders Fund and an original investor in Traba, expressed his enthusiasm for the company’s progress, stating, “Traba is poised for extraordinary success. The company has quadrupled its revenue over the past year and is still accelerating growth every quarter.” He noted that such rapid customer adoption alongside expanding contribution margins is a rarity in the business world. Rabois added, “As a result, Founders Fund is thrilled to kick off FF8 with a signature investment in Traba.”

Identified as Founders Fund’s highest-potential startup, Traba joins the ranks of other successful portfolio companies, including Facebook, Affirm, Anduril, and Rippling, which have led previous funds. CEO Mike Shebat expressed his excitement about this recognition and the future of the company.

Expanding Nationwide and Doubling The Team

A year ago, Traba embarked on an expansion beyond South Florida and is currently operating in seven states. With the new funding, the company plans to extend its reach across the entire country next year, accompanied by doubling its team.

Traba’s team has grown to 50 members, spanning engineering, design, marketing, sales, and finance. The startup has already garnered over 100 business customers who are prominent players in the light industrial industry. Traba has effectively staffed major events, including the Super Bowl, Taylor Swift concerts, and Beyonce performances through its marketplace platform.

AI-Driven Innovative Technology Has Been Well Received

Traba’s success is underpinned by its innovative technology. The platform utilizes artificial intelligence (AI) to communicate with workers and geotracking to ensure punctuality. Traba’s technology streamlines backend processes, making it easier for workers to find their ideal shifts.

Key features, such as instant pay, work history, reliability ratings, company reviews, and preferential restaffing, have been warmly received by users. Mike Shebat, who previously contributed to the scaling of UberEats in various regions, attributes Traba’s success to the platform’s exceptional technology. His career began at industrial supply company McMaster-Carr, where he faced staffing challenges in meeting fluctuating demand.

A Unique Culture Based On Hard Work

Traba has established a unique culture characterized by a strong work ethic. The company’s commitment to in-person work and its dedication to a startup work schedule has attracted team members who share an “Olympian work ethic.” Shebat likens the experience of joining Traba to becoming a part of a soccer team aiming for the World Cup. Traba is currently looking to expand its team in engineering, sales, operations, and product development.

Mike Shebat is optimistic about Traba’s future and takes pride in the company’s roots in Miami, stating, “We’re dreaming big, and we started it all in Miami. It was definitely the best place to start the company.”

To learn more about Traba visit them online at https://www.traba.work/