Sunil Sharma, Managing Director, Techstars Toronto, labelled the solution as a “cutting edge and much-needed product for Independent workers, with the team and partnerships in place to truly make a difference in this space.”
Livelii — a recent graduate of Techstars Toronto — aims to provide affordable Health Insurance and other critical Financial tools to the 59 Million Independent Workers that are currently underserved in the North American market today. Through an exclusive partnership with Manulife, the company offers Freelancers and Independent workers group insurance and financial products otherwise only accessible through full-time employment. The platform connects personal health (Health & Dental Insurance Coverage) and wealth (Paid Leave Planning, RRSP Contributions) to day-to-day business activities (Estimating, Invoicing, Payment Processing).
With a suite of free and paid tools that cater to the ebbs-and-flows of independent work, Livelii contributes 50% of net profits earned on paid platform activities directly to the participating member. The Company sees this as a forced savings mechanism to help members reach their livelihood goals.
As it stands today, the overwhelming majority of Freelancers, Consultants, Contractors, Side-hustlers and On-demand gig workers are challenged by a siloed work experience and limited access to affordable Insurance & Financial tools that recognize the uniqueness of their work. Contrary to full-time employment, their livelihood is dictated on a payment-by-payment, job-by-job basis as opposed to a fixed monthly salary. Despite the growth of the Independent worker industry, which could account for over 50% of the workforce by the end of the decade, the available services and products have largely left behind those Independent workers.
“We created Livelii to meet the Independent worker community’s overwhelming demand for affordable Insurance & Financial tools. Their input and support for our services have been, and continues to be, integral to our mission,” said Anya Switzer, CEO of Livelii. “We are grateful for the community’s confidence in our team’s expertise and ability, which positions us to extend our services across the country and ultimately strengthens our competitive advantage.”
The security offering on FrontFundr allows accredited and retail investors an opportunity to invest in Livelii in exchange for equity in the company. With the total goal met, investors would hold about 14% of the company’s equity.
Funds from this crowdfunding campaign will bolster additional growth, allow the company to focus on enhancing its core proprietary technology and make the platform accessible to Freelancers and Independent workers throughout Canada.
Source: Yahoo Finance
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