Workstream, a mobile hiring and onboarding platform for remote workers, has extended its Series B funding round by $60 million, bringing its total Series B funding to $108 million.
The funding will be used to enable the company to expand into new industries and develop new products for the growing officeless workforce. Its customers include fast-food fast-food restaurants, including Burger King, Dairy Queen and Jimmy John’s, as well as hotel chains such as Marriott International. It will also be used to expand R&D investments for its platform and offer additional services beyond its recently launched employee hiring and onboarding products.
The oversubscribed funding round included more than two dozen investors, both institutional funds and angel investors. It was led by Hans Tung, managing partner of GGV Capital, and included Founders Fund, Coatue, BOND, Basis Set Ventures, CRV, WiL and Soma Capital.
By including investors with new types of strategic experience in the industry, this should help Workstream expand into new verticals and improve its expertise in the existing sectors in which it works in the retail sectors. , hospitality, healthcare, warehousing and automotive.
Workstream’s platform automates many recruiting and onboarding processes and helps companies with large officeless workforces fill positions quickly.
“Workstream has had tremendous momentum over the past year,” said Tung. “We are excited to see Workstream continue to expand into new verticals, especially the retail sector, which has been deeply impacted by COVID. 60% of the American workforce doesn’t sit at a desk to do their job, and we’re excited to see Workstream continue to build technology to support this group. »
Post-Covid, the demand for flexible working is increasing as workers seek more flexibility to balance work with other areas of their lives.
“With labor shortages easing slightly, fierce competition for deskless workers, and strong demand to fill vacancies at lightning speed, the need for our platform is growing exponentially. “, said Desmond Lim, co-founder and CEO of Workstream.
“We have grown tenfold in the past 18 months and now serve over 4,000 customers across 24,000 locations. This latest round of investment, coupled with the expertise of our strategic investors, will allow us to continue our planned expansion into new verticals and create new tools for the deskless worker to support future growth of the company. »