London startup Lystable to establish San Francisco HQ with $11m funding

Software startup Lystable has secured a $11m (£7.5m) boost after closing a Series A funding round led by Valar Ventures and Goldcrest Capital.

The firm, which offers software to help businesses manage freelancers, will use the cash to expand its US operations and move its headquarters from London to San Francisco after reincorporating as a US business.

As its client base and investors are primarily based in the US, according to Lystable co-founder Peter johnston, it made more sense to move its main office across the Atlantic.

Speaking to TechCrunch, Peter said: “The funds will be used specifically to really expand our San Fran office and make it the HQ.

“Right now London is the main office and San Fran is a couple of people but we will grow it to 30 by the end of the year. London will hit 30 too.”

The company also intends to scale up its sales and marketing teams while hiring additional product and engineering staff.

The Series A saw Valar Ventures’ founding partner, James Fitzgerald, join the Lystable board as a director alongside Leila Zegna of Spring Partners, which was also involved in the round.

Adam Ross of Goldcrest Capital, meanwhile, has joined as a board observer.

According to TechCrunch, James Fitzgerald said of the funding: “Legacy software is not equipped to deal with the growing freelancer economy.

“Lystable’s product solves a real pain point for enterprises who are managing an increasing number of freelancers and contractors.”

He added: “Their product is in another league compared with the incumbents.”

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