Workstream, a San Francisco-based recruitment platform, announced Thursday that it raised $48 million in a Series B co-led by BOND and Coatue. The fresh financing will help move the company forward on its mission to streamline the onboarding process of hourly workers.
The world of recruitment software is pretty crowded but Workstream sets itself apart from competitors by focusing on text-based recruiting. With text-based recruiting, Workstream aims to ease communication between recruiters and potential hires by reaching them directly. Since most deskless workers don’t have access to a company email, texting is likely the optimal form of contact.
“When it comes to hiring platforms, local businesses and deskless workers have largely been overlooked,” Desmond Lim, co-founder and CEO of Workstream, said in a statement. “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.”
The fresh injection of capital couldn’t have come at a better time for Workstream, which has grown 10x in the past year, according to the company.
With $60.5 million in VC investment in its coffers to date, Workstream doesn’t have any plans to slow its growth. The recruitment platform plans to double the size of its workforce.
Workstream is now hiring for dozens of remote and in-person roles across its offices in San Francisco, Utah and Shanghai. Moving forward, the company plans to offer up a hefty amount of roles across its sales, marketing and engineering teams worldwide.
Founded in 2010, Workstream serves more than 1,500 customers across 10,000 locations. The company’s tech is used by several fast food giants including McDonald’s and Wingstop.
Workstream’s latest raise featured a long list of notable investors including Zoom CEO Eric Yuan and DoorDash CEO Tony Xu. On the celebrity VC front, Workstream grabbed the financial attention of Jay-Z’s RocNation and Will Smith’s Dreamers VC.