Advantage Capital – a leading impact investing firm – recently announced a $4 million investment in Goodwrx, a Las Vegas-based company providing a tech-enabled platform that pairs hospitality workers with employers looking to supplement their existing workforce. Goodwrx’s platform provides a solution to a problem rooted in a historically inefficient hospitality labor market. This platform enables employers to staff shifts that might otherwise go unfilled and provides hospitality workers more opportunities to reach full employment.
Since launching its platform in 2021, Goodwrx has seen a large uptake in usage by many of the significant regional and national players across the Leisure, Travel, and Hospital industry spectrum. And businesses utilizing the application are finding great success.
To facilitate the funding round, the Nevada Small Business Development Center (SBDC) at the University of Nevada, Las Vegas (UNLV) helped connect Advantage Capital and Goodwrx. This deal was also made with the Federal New Markets Tax Credit Program, an economic development program that helps drive capital to small businesses in distressed communities.
KEY QUOTES:
“We want to offer people greater access to good work, and hospitality provides the ability to have access to good workers. Our platform solves a decades-long problem by connecting workers and employers in real-time, allowing both to benefit. We are fortunate to have found a capital partner who along with our other valued partners, share our vision to reshape the gig economy and provide quality outcomes for both workers and businesses. With this investment, we will be able to expand our services, reaching a larger labor pool and allow people to find good paying jobs throughout the country.”
— Nathan Armogan, CEO, Goodwrx
“By providing some of the highest fill rates in the industry, we have earned our spot as the properties’ single source of contract labor. Whether they need cooks, servers, dishwashers, bartenders, porters, front desk agent, etc. we have the citywide extra board that connects businesses to the best talent in the industry.”
— Teri Chan Palomaki, CFO, Goodwrx
“Goodwrx’ platform is highly innovative and is a great asset for employers and employees in the hospitality industry. Additionally, it is the kind of growth-ready business we are looking for when we invest. On top of a great business model, the company is creating a significant impact by connecting people to strong employment opportunities.”
— Leah Hendricks, Senior Vice President, Advantage Capital
“This infusion of capital will allow us to enhance our platform and accelerate the introduction of new features in our product roadmap, that will benefit our employees and our business clients alike. I could not be more excited about this incredible milestone in our company’s journey.”
— Goodwrx CTO Ivan Ignatyev
“One of the ways SBDC helps to incubate and expand our growing technology ecosystem in the State of Nevada is through the development of public/private partnerships. We are glad to have introduced Goodwrx to this investment team to help build a stronger workforce here in Las Vegas.”
— Albert Delgado, SBDC Project Manager for the UNLV Office of Economic Development
