Workstream Raises Additional $60M
Workstream, a mobile-first hiring and onboarding platform for the deskless workforce, has extended its Series B funding round with an additional close of $60 million, bringing the total Series B financing to $108 million.
The financing enables Workstream to double down on its mission of serving the deskless workforce. Business owners from more than 170 of the top QSR brands in the world, including Burger King, Dairy Queen and Jimmy John’s, along with leading brands outside of QSR, such as Marriott International, Ace Hardware, UPS and European Wax Center, are already finding success with Workstream’s platform.
Workstream's additional funding comes as 60 percent of the U.S. workforce does not sit at a desk to do their job.
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 Workstream’s Hiring product, we’ve reduced our application to hire timeline down to about three days, which is fantastic for us,” said Amy Parman, Director of Training & Recruiting at Taziki’s Mediterranean Cafe. “We saw a high this year of a 71% show rate for interviews, which is outstanding. Also, the Onboarding product has helped smooth out our applicant and manager experiences, by keeping everything in one place. There is really nothing that the employee has to provide, sign or complete outside of Workstream Onboarding.”
The demand for flexible work hours – and part-time work – is on the rise as workers increasingly look to control the hours they are on the job, whether to pursue other interests or care for their children or elderly parents. The Labor Department’s August jobs report shows that 20.3 million people worked part-time by choice, compared to 4.1 million part-time workers looking for full-time positions. The report also shows that despite rumblings of a recession, the overall job market remains strong. The U.S. economy added over 315,000 spots, led by hiring in professional services, healthcare, leisure and hospitality – all industries with large deskless workforces.
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.
