Investing in workforce hiring and onboarding technology
Nationwide’s venture capital team part of Workstream’s latest fundraise
Hourly workers are an integral part of the American workforce, so getting those new hires to work as quickly as possible is vital to the businesses that hire them. Technology is the key to streamlining both the recruiting and onboarding process.
Recognizing the importance of this technology, Nationwide is making a venture capital investment in Workstream, a San Francisco, CA-based hiring platform and mobile app that streamlines the sourcing and onboarding of hourly workers. The funding comes from Nationwide’s $350 million venture capital investment fund and is part of Workstream’s Series B+ fundraise.
“Nationwide is committed to investing in technology that advances the future of work, bringing innovation to businesses and their employees,” said Erik Ross, the head of Nationwide’s venture capital and M&A teams. “We recognize the robust opportunities Workstream offers business owners and workers with a frictionless onboarding solution, and we’re excited to be part of it.”
Founded by three immigrants, CEO Desmond Lim, CTO Max Wang, and CPO Lei Xu, Workstream provides a recruiting platform and mobile app that automates the process of sourcing, screening, and onboarding front-line workers such as caregivers, nurses, delivery drivers, take-out restaurant staff, gas station attendants, etc. The company now serves more than 1,500 customers across 10,000 locations, including Chick-fil-A, Wingstop, and Jimmy John's franchisees.
“We are extremely humbled to have Nationwide’s support,” said Desmond Lim, CEO, and co-founder of Workstream. “We are excited to learn from the team’s best-in-class experience serving hundreds of thousands of businesses across many industries that depend on the deskless workforce.”
The company intends to use the funds to double down on its mission to serve the deskless economy, enhance its product offering with new products built specifically for the deskless worker and expand into new industries, including retail, healthcare, automotive, manufacturing, and hospitality.
Nationwide’s venture capital team journey
Nationwide's venture capital investments are directed into insurance and financial services startups with high-growth potential that directly advance Nationwide's strategy to provide even greater customer value.
To date, Nationwide’s venture capital team has invested in nearly 30 companies, including Beam Dental, Health Gorilla, HOVER, Indico, Deep Sentinel, and Planck. The team has also helped to facilitate more than 30 partnerships between startups and Nationwide business units.
Tech startups interested in partnering with Nationwide can visit www.nationwideventures.com.
Nationwide’s Corporate Development mission
Nationwide's Corporate Development capabilities include the venture capital, mergers and acquisitions, and strategic partnership teams. These groups look for unique collaboration opportunities that help business units meet new or developing customer needs. These collaborations are enabled by Nationwide’s best-in-class digital infrastructure, which allows Nationwide to provide a unique digital experience for partners and their customers.