Workstream Closes $10 Million Series A Round
Bringing the company’s total funding to $12.5 million, the latest round will enhance product offerings to meet evolving hiring needs amid COVID-19 and propel the company into its next phase of growth
Workstream, a hiring platform and mobile app that streamlines the sourcing and onboarding of hourly workers, today announced the closing of a $10M Series A funding round. The round was led by Keith Rabois of Founders Fund, who will be joining Workstream’s Board of Directors.
Workstream is used by almost 5,000 hiring managers in the U.S. and helps hire front-line workers: caregivers, nurses, delivery drivers, take-out restaurant staff, gas station attendants, etc.
Adopting a unique funnel approach to optimize their efficiency at each stage of the hiring process, Workstream enables hiring managers to reduce time to hire by an average of 70%. The platform also helps employers cast a wider net by posting to multiple job sites with one swipe and leveraging AI to optimize job postings.
The global pandemic has inevitably reshaped the hiring process. Companies are increasingly shifting toward virtual hiring as a necessity to mitigate risks. “We’ve built a platform that allows for completely ‘contactless hiring’, which has been pivotal in helping our clients meet manpower needs without putting themselves and their families at risk,” said Max Wang, CTO.
“Workstream is already helping customers in sectors like healthcare and logistics facilitate recent surges in hiring. Workstream’s technology will make it much faster and easier for industries like food service and hospitality to aggressively ramp up hiring of hourly workers as the economy reopens in the coming months,” said Keith Rabois, of Founders Fund.
This latest round of funding will be used to further validate the company’s product offerings. Workstream is expanding onboarding modules to include more comprehensive training features, as well as developing a suite of seamless integrations with major HRIS systems and workforce programs, including the Work Opportunity Tax Credit.
“Our North Star has always been the concept of doing right by our clients,” said Lei Xu, Chief Product Officer of Workstream. “Businesses need all the help they can get right now, so we’re prioritizing features that save them money. Our new integrations make it easy for employers to file for WOTC, so they can save $9,600 in tax credits for every qualifying new hire.”
Workstream’s platform has an in-built phone and video conferencing feature to enable hiring managers to conduct interviews despite the social distancing rules. “We’re incredibly fortunate to have Eric (CEO, Zoom) as an early investor in Workstream,” said Desmond Lim, CEO. “Eric’s continual support has enabled us to build Zoom teleconferencing into this essential process to keep businesses going.”
To get the word out, Workstream is building a world-class go-to-market team with the addition of Blake Harber and Lydia Fayal Hall, who lead sales and marketing, respectively. Blake most recently served as Director of Corporate Sales at Lucid; he was previously at HireVue. Lydia held leadership positions at OneSignal and Chalkup (acquired by Microsoft). Both are former founders with experience growing ARR 10x.
In addition to Founders Fund, Workstream’s investors include Anna Khan of Charles River Ventures, Lan XueZhao of Basis Set Ventures, Joel Peterson (Chairman of JetBlue), Heartland Ventures, GGV Capital, Max Levchin, Geoff Donaker of Burst Capital (former COO of Yelp), Eric Yuan (Zoom CEO), Tony Xu (DoorDash CEO), Miyuki Matsumoto (Bernard Arnault, Chairman LVMH), Aneel Ranadive (Owner of Sacramento Kings), James Harden, Joe Montana, and more.
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