- Hiring platform company Workstream announced it has raised $10 million in Series A funding led by Keith Rabois of Founders Fund
Hiring platform company Workstream announced it has raised $10 million in Series A funding led by Keith Rabois of Founders Fund. Rabois will also be joining the Workstream board of directors. Currently, Workstream is used by almost 5,000 hiring managers in the U.S. And the company helps hire front-line workers, including caregivers, nurses, delivery drivers, take-out restaurant staff, gas station attendants, etc.
Workstream — which adopts a unique funnel approach to optimize their efficiency at each stage of the hiring process — enables hiring managers to reduce time to hire by an average of 70%. And the platform also helps employers cast a wider net by posting to multiple job sites with one swipe and utilizing artificial intelligence to optimize job postings.
This round of funding will be used to further validate the company’s product offerings. And 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.
Workstream’s platform has an in-built phone and video conferencing feature to enable hiring managers to conduct interviews despite the social distancing rules. And to get the word out, Workstream is building a solid team with the addition of Blake Harber and Lydia Fayal Hall, who lead sales and marketing, respectively. Harber most recently served as Director of Corporate Sales at Lucid and he was previously at HireVue. And Hall held leadership positions at OneSignal and Chalkup (acquired by Microsoft). Both are former founders with experience growing ARR 10x.
Along with 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 S. Yuan (Zoom CEO), Tony Xu (DoorDash CEO), Miyuki Matsumoto (Bernard Arnault, Chairman LVMH), Aneel Ranadive (Owner of Sacramento Kings), James Harden, Joe Montana, etc.
Key Quotes:
“We’re incredibly fortunate to have Eric (CEO, Zoom) as an early investor in Workstream. Eric’s continual support has enabled us to build Zoom teleconferencing into this essential process to keep businesses going.”
-Workstream CEO and Co-founder Desmond Lim
“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.”
– Workstream CTO Max Wang
“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.”
– Keith Rabois of Founders Fund
“Our North Star has always been the concept of doing right by our clients. 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.”
-Lei Xu, Chief Product Officer of Workstream
