Workstream Valuation, Funding & Investors

Workstream is valued at $450M as of September 2022.

Last Workstream valuation

$450M

Series B · Sep 2022

Last Workstream funding round

$60M

Series B · Sep 2022

Cumulative funding Workstream raised

$118M

across 3 funding rounds

Key investors in Workstream

  • Founders Fund
  • Coatue
  • Notable Capital
  • Bond

Workstream Overview

About Workstream

Workstream is a HR, payroll, and hiring platform tailored for quick-service restaurants and hourly workforce operations. The system automates onboarding, scheduling, compliance, and payments for franchise locations. Brands such as Burger King, Jimmy John’s, and Taco Bell use Workstream to manage frontline teams across U.S. outlets.


Founded

2017

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$450M (Sep 2022)

Workstream Valuation

Workstream is currently valued at $450M, based on its Series B in September 2022.

The $60M round was led by Notable Capital.

Workstream valuation by funding round

Workstream valuation by funding round
DateStageValuation
Sep 2022Series B$450M

Workstream Funding History

Workstream has raised a total of $118M across 3 funding rounds.

Workstream's first fundraising round was a $10M Series A in May 2020. The most recent completed round was a $60M Series B in September 2022.

Workstream funding rounds

Workstream funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022Series BNotable Capital (lead)$60M$450MWorkstream is a San Francisco-based provider of a mobile-first hiring and onboarding platform designed for deskless and hourly workers, particularly in sectors like quick-service restaurants (QSR), retail, hospitality, healthcare, warehousing, and automotive. The platform streamlines recruitment through text-based tools, automates workflows such as interview reminders and e-signatures, and integrates with HR systems, serving clients including McDonald's, Wendy's, Burger King, Dairy Queen, Jimmy John's, Marriott, Ace Hardware, UPS, and FedEx. On September 29, 2022, Workstream announced a $60 million Series B extension round, bringing the total Series B to $108 million (after a prior $48 million in August 2021). The extension was led by GGV Capital (Hans Tung), with participation from Founders Fund, Coatue, BOND, Basis Set Ventures, CRV, and others including angels like Dropbox CTO Arash Ferdowsi and Slack COO Claire Hughes Johnson. CEO Desmond Lim disclosed the round valued the company close to $500 million post-money, pushing total funding to around $118-120 million. Funds were earmarked for vertical expansion, R&D to enhance platform features beyond hiring and onboarding, and scaling operations amid persistent labor shortages. At the time, Workstream reported strong traction: working with 170 top QSR brands and over 4,000 customers across 25,000 locations (up from 1,500 customers and 10,000 stores in 2021), with revenue described as growing 10x in the past 18 months and 10x ARR growth between 2020-2021. The platform supported over 20,000 hiring managers and had filled significant jobs, such as 18,000 in July 2021 alone. The company had grown its team to 220 employees. Workstream operates in a competitive landscape addressing the 'deskless worker' software gap, alongside peers like Connecteam, Remofirst, Emi, Flip, AskNicely, SnapShift, Blink, Shiftsmart, When I Work, Fountain, and Seasoned, which also raised funds recently. The labor market in 2022-2023 remained tight with unemployment around 3.6%, boosting demand for faster hiring solutions.
Aug 2021Series BBond (lead); Coatue (lead)$48M-Workstream is a San Francisco-based HR and recruiting platform and mobile app that streamlines hiring and onboarding of hourly workers via text messaging, targeting deskless workforce challenges amid labor shortages. On August 26, 2021, it raised $48 million in a Series B round co-led by BOND and Coatue, with participation from Founders Fund, Ryan Smith (Qualtrics co-founder and Utah Jazz owner), Peterson Ventures, Eric Yuan (Zoom CEO), Tony Xu (DoorDash CEO), Frederic Kerrest (Okta COO), Basis Set Ventures, CRV, GGV Capital, Jay-Z’s RocNation, Will Smith’s Dreamers VC, and others, bringing total funding to $60.5 million. The company filled over 18,700 jobs in July 2021 alone, representing more than 2.5% of total private jobs added that month, and served 1,500 customers across 10,000 stores including McDonald’s, Subway, Jamba Juice, Chick-fil-A, Wingstop, and Jimmy John’s, claiming 20% market share in the top 20 brands. Workstream reported 10x ARR growth in the past year (2020-2021) and overall 10x growth, but did not disclose specific revenue or ARR figures around the round. Customers span quick-service restaurants and retail, addressing high turnover in hourly roles, with plans to expand into healthcare. CEO Desmond Lim, who grew up with hourly worker parents in Singapore, noted receiving 12 term sheets in nine days due to strong differentiation. Jay Simons from BOND joined the board as an observer alongside Keith Rabois from Founders Fund. Funds will double the team size with hires in sales, marketing, and engineering, while investing in product development to enhance hiring for local businesses. The round followed a $10 million Series A in 2020 led by Founders Fund. Subsequent developments include a $60 million Series B extension in September 2022 led by GGV Capital valuing the company near $500 million and a $200 million Series C later in 2021 per some reports, though not part of this specific round, bringing total funding over $250 million by 2022 with growth to 4,000 customers across 25,000 locations and 170 top QSR brands.
May 2020Series AFounders Fund (lead)$10M-Workstream is a mobile-first hiring and onboarding platform designed to serve the deskless workforce—the 60% of the U.S. workforce that does not work at a desk. The company's end-to-end platform automates recruiting and onboarding processes to help businesses in industries like hospitality, restaurants, supermarkets, and delivery fill open positions quickly. In May 2020, Workstream closed a $10 million Series A round led by Founders Fund, with participation from Charles River Ventures, Basis Set Ventures, and a notable group of angel investors including CEOs from Affirm, DoorDash, Lattice, and Lucidchart. The company did not disclose its post-money valuation, revenue, or profitability metrics at the time of the Series A. Following this round, Workstream expanded significantly, raising an additional $48 million in Series B funding in August 2021 co-led by BOND and Coatue, and later extending the Series B with a $60 million additional close in September 2022, bringing the total Series B to $108 million and total company funding to $120.5 million across five rounds.

Who has invested in Workstream?

4 investors have backed Workstream across its funding rounds, including Founders Fund, Coatue, Notable Capital and Bond.

Lead investors include Notable Capital, Bond, Coatue and Founders Fund.


Workstream Investors

Investors in Workstream by funding rounds participated
InvestorHQRoundsRoleFirst check
Founders FundUnited StatesSan Francisco, CA1LeadMay 2020
CoatueUnited StatesNew York City, NY1LeadAug 2021

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Workstream Competitors

Workstream competitors include listed companies like Teamshares and Asure Software, and private ones like Deskera, HackerRank, micro1 and Payactiv.

Public and private companies comparable to Workstream
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DeskeraUnited StatesMinneapolis, MNPrivate--$495M-
HackerRankUnited StatesSan Francisco, CAPrivate--$500M-
micro1United StatesSan Francisco, CAPrivate$50M-$500M10.0x
PayactivUnited StatesSan Jose, CAPrivate--$500M-
TeamsharesUnited StatesUnited StatesPublicly listed$472M($23M)$545M1.4x
Asure SoftwareUnited StatesUnited StatesPublicly listed$141M$20M$245M1.9x

Workstream Public Comps

Workstream is still privately-owned, but its public comps include Nordtech Group, Teamshares, AdvancedAdvT, Beisen Holding, Zaggle Prepaid Ocean, Asure Software, DHI Group, TON Strategy, ReadyTech and Freee.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Nordtech Group$72M$15M5.1x-25.2x-
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
AdvancedAdvT$72M$13M2.5x2.4x14.1x8.9x
Beisen Holding$165M$2M0.3x0.3x22.3x5.2x
Zaggle Prepaid Ocean$199M$20M1.0x1.0x10.4x10.7x
Asure Software$141M$20M2.1x1.9x15.2x8.0x
DHI Group$128M$2M2.0x2.0x108.0x7.8x
TON Strategy$13M($148M)11.0x11.0x(1.0x)-

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Common questions about Workstream

When was Workstream founded?Workstream was founded in 2017.
Where is Workstream headquartered?Workstream is headquartered in San Francisco, CA, United States.
Is Workstream publicly listed?No, Workstream is a private, VC-backed company.
What is Workstream's valuation?Workstream was last valued at $450M in its Series B in September 2022.
How much funding has Workstream raised?Workstream has raised $118M across 3 funding rounds.
What was Workstream's last funding round?Workstream's last funding round was a $60M Series B in September 2022, led by Notable Capital.
Who are Workstream's investors?Workstream's investors include Founders Fund, Coatue, Bond and Notable Capital.
Which companies are comparable to Workstream?Companies comparable to Workstream include Deskera, HackerRank, micro1, Payactiv, Teamshares and Asure Software.

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