The funding will help Workstream enhance business and product development. Here are the top-line bullets you need to know.
Workstream, a frontline worker hiring platform, has raised $48M in a Series B. The round drew participation from Coatue Management, BOND, Dreamers Fund, and Founders Fund, among others.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Workstream primarily caters to small businesses and hourly workers.
- The company has grown 10x over the past year.
- Workstream currently offers its services to 1,500 customers in over 10,000 locations. Some of its major customers include Jimmy John’s, Jamba, IHOP, Wingstop, and Chick-fil-A franchisees.
- In July 2021, the company helped local businesses recruit for over 18,700 jobs, accounting for 2.5% of the total number of private jobs added in the US.
WHY DOES THE MARKET MATTER?
- The global workforce management market is projected to grow at a CAGR of 9.3% to reach a value of $9.3B by 2025, according to Markets and Markets.
- Market growth stems from the increasing adoption of cloud-based workforce management solutions across verticals.
- The rapid adoption of workforce management solutions combined with rising enterprise emphasis on informed decision-making will create growth opportunities for vendors in the sector.