Workstream, a hiring platform and mobile app that streamlines the sourcing and onboarding of hourly workers, has announced that it has raised $48 million in Series B funding. This announcement comes on the heels of the company filling more than 18,700 jobs, which represents more than 2.5% of total private jobs added, in July 2021.
The round, which now brings the total investment in Workstream to $60.5 million, was co-led by BOND and Coatue, with significant reinvestment from Founders Fund. The series expanded the list of notable backers, which now includes Eric Yuan, CEO of Zoom; Tony Xu, CEO of DoorDash; Ryan Smith, CEO of Qualtrics; Frederic Kerrest, COO of Okta; Basis Set Ventures; CRV; Peterson Ventures; GGV Capital; Jay-Z’s RocNation; Will Smith’s Dreamers VC and others. Jay Simons, General Partner at BOND and former President of Atlassian, has joined existing board member Keith Rabois, General Partner at Founders Fund and former COO of Square, as an observer on Workstream’s board.
“When it comes to hiring platforms, local businesses and deskless workers have largely been overlooked, which is why we started Workstream,” said Desmond Lim, co-founder and CEO of Workstream. “We set out to give local businesses the tools they need to hire hourly workers faster, and we are humbled by the momentum and results our customers have seen. Adding this strategic group of investors to our team gives us access to additional resources and expertise as we expand our capabilities and continue to support this once underserved community.”
“Workstream is fueling the great rehiring by simplifying the entire hiring process for candidates and hiring managers,” said Simons. “Engaging applicants faster through automated processes and text messages is the key to today’s hiring competitive advantage, and Workstream is unlocking that for businesses.”
“Now, more than ever, local businesses need technology on their side to help them find and hire hourly workers—quickly and efficiently,” said Rabois. “We’re incredibly excited by the impact Workstream has already made on the labor market and they’ve only just scratched the surface.”
“More than one-third of local businesses have open roles they haven’t been able to fill for at least three months. We’ve all seen the ‘now hiring’ signs in their windows,” said Dan Rose, Chairman of Coatue Ventures. “Workstream is solving this problem for both businesses and job seekers, and we couldn’t be more proud to support a company that really cares about making the process easier for both parties.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.