Workstream, a San Francisco, CA-based mobile-first hiring and onboarding platform for the deskless workforce, announced that it raised $60 million, extending its Series B round to $108M.
Hans Tung led the round, Managing Partner of GGV Capital, with participation from new and existing investors, notably Founders Fund, Coatue, BOND, Basis Set Ventures, CRV, World Innovation Lab (WiL), Peterson Ventures, Soma Capital, CE Innovation Capital, Burst Capital, Zoom CEO Eric Yuan, Logitech CEO Bracken Darrell, Dropbox co-founder Arash Ferdowsi, former COO of Stripe Claire Hughes Johnson, Arielle Zuckerberg, Gaingels, Lachy Groom, Front CEO Mathilde Collins, Lattice CEO Jack Altman, and more.
The funding and the addition of new investors with strategic industry experience will help the company expand further into new and current verticals in the retail, hospitality, healthcare, warehousing, and automotive sectors.
The funding will also enable Workstream to boost its R&D investment to extend its platform offering beyond its Hiring and, recently launched, Employee Onboarding products.
“With little easing of labor shortages, fierce competition for deskless workers and great demand to fill open spots at lightning speed, the need for our platform is increasing exponentially,” said Desmond Lim, co-founder and CEO of Workstream. “We’ve grown 10x in the last 18 months and now serve more than 4,000 customers across 24,000 locations. This latest round of investment, coupled with the expertise of our strategic investors, will enable us to continue our planned expansion into new verticals and build new tools for the deskless worker, in support of the company’s future growth.”
Workstream’s end-to-end platform, which automates many of the recruiting and onboarding processes that can slow down hiring, helps businesses with large deskless workforces fill open positions quickly. The funding round extension clearly demonstrates the investment community’s belief in Workstream’s platform and business model.
Company: WORKSTREAM, INC.
Round: Series B
Funding Month: September 2022
Lead Investors: Hans Tung
Additional Investors: Founders Fund, Coatue, BOND, Basis Set Ventures, CRV, World Innovation Lab (WiL), Peterson Ventures, Soma Capital, CE Innovation Capital, Burst Capital, Eric Yuan, Bracken Darrell, Arash Ferdowsi, Claire Hughes Johnson, Arielle Zuckerberg, Gaingels, Lachy Groom, Mathilde Collins, and Jack Altman
Company Website: https://www.workstream.us/
Software Category: Hiring and Onboarding platform
About the Company: Founded by three immigrants, CEO Desmond Lim, CTO Max Wang, and CPO Lei Xu, Workstream is the mobile-first hiring and onboarding platform for the deskless workforce. Powered by automation and two-way texting, its platform enables businesses to source, screen, and onboard hourly workers faster. More than 24,000 businesses trust Workstream to hire - and save up to 70% of the time on hiring. the platform is used by more than 20,000 hiring managers in the U.S. and helps hire front-line workers: caregivers, nurses, delivery drivers, take-out restaurant staff, gas station attendants, etc.