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Workstream Raises USD 10 Million in Series A Round of Financing

By HR Tech Outlook | Tuesday, May 12, 2020

The COVID-19 pandemic has inevitably reshaped the hiring process. Companies are increasingly shifting toward virtual hiring as a necessity to mitigate risks

Fremont, CA: Hiring platform and mobile application Workstream secured USD 10 million in a Series A funding round led by Keith Rabois of Founders Fund, who will join the company's board of directors soon. The financing round was also participated by 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 Yuan, Zoom CEO, Tony Xu, DoorDash CEO, Miyuki Matsumoto, Bernard Arnault, Chairman LVMH, Aneel Ranadive, Owner of Sacramento Kings, James Harden, Joe Montana, and others.

Top 10 Recruitment Solution Companies – 2020The COVID-19 pandemic has inevitably reshaped the hiring process. Companies are increasingly shifting toward virtual hiring as a necessity to mitigate risks. "We've built a platform that allows for completely 'contactless hiring,' which has been pivotal in helping our clients meet workforce needs without putting themselves and their families at risk," said Max Wang, CTO of Workstream. Proceeds from the financing round will be used by the company to validate the company's product offerings further.

"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," said Keith Rabois, of Founders Fund. 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.

"Our North Star has always been the concept of doing right by our clients," said Lei Xu, Chief Product Officer of Workstream. "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 that they can save $9,600 in tax credits for every qualifying new hire." The company's platform has an in-built phone and video conferencing feature to enable hiring managers to conduct interviews despite the social distancing rules. "We're incredibly fortunate to have Eric (CEO, Zoom) as an early investor in Workstream," said Desmond Lim, CEO. "Eric's continual support has enabled us to build Zoom teleconferencing into this essential process to keep businesses going."

See also: Top HR Tech Companies

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