The company plans to use the funds to invest in R&D and triple its team size. Here are the top-line bullets you need to know.
Connecteam, a deskless workforce management software provider, has raised $120M in a Series C round that drew participation from Insight Partners, Stripes Group, and Tiger Global Management, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Connecteam helps companies manage deskless employees.
- The company states that its revenue expanded by 400% in 2021.
- It has over 20K global customers, ranging from smaller firms to global conglomerates, including SodaStream, McDonald’s, Foot Locker, and Nike.
- Connecteam has over 500K monthly active users across 80 countries, with North America accounting for 70% of its business.
- The company’s workforce grew by 500% in 2021 to reach 170 employees.
Source: Connecteam
WHY DOES THE MARKET MATTER?
- The global workforce management software market is expected to reach a value of $10.6B by 2027, growing at a CAGR of 7.82%, according to Renub Research.
- There is a lack of solutions specifically designed to manage deskless workers, yet these workers account for about 80% of the global workforce, according to Emergence. This signals a large market opportunity for providers and first movers.
- The shift to remote work models amid the pandemic has also contributed to market growth.
