Workstream, a San Francisco-based automated hiring startup, has closed a $48 million Series B funding round to continue facilitating the hiring of hourly workers.
The round was co-led by BOND and Coatue, while also counting with participation from Founders Fund. The startup has now raised a total of $60.5 million from several backers that include 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.
The capital will be used by Workstream to double the size of its team by hiring new members for its sales, marketing, and engineering departments while also investing in growth and product development. Bond General Partner Jay Simmons, who will be joining the startup’s board of directors, referred to the firm’s investment by stating:
“Workstream is fueling the great rehiring by simplifying the entire hiring process for candidates and hiring managers. 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.”
Founded in 2017, the startup’s mission is to improve the hiring experience via a text recruiting platform to automate the sourcing, screening, and onboarding of candidates. It is estimated that the use of the platform, which has now served more than 1.5k customers, saves hiring managers about 70% of their time on hiring. Desmond Lim, co-founder, and CEO of Workstream referred to the platform’s potential by stating:
“When it comes to hiring platforms, local businesses and deskless workers have largely been overlooked, which is why we started 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.”
With the global economy starting the recovery process after the crisis generated by the Covid19 pandemic, more than 30% of local businesses in the United States have open roles they are not able to fill before the 3 months mark. The automated hiring startup is looking to accelerate this recovery by supporting companies and candidates, providing a better and faster onboarding process.
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