Frontline workforce management startup WorkJam has secured $50 million USD in a Series D round that was jointly led by return investors Inovia Capital and Fonds de solidarité FTQ.
The Montréal-based startup plans to use the capital to expand its footprint in Europe, Southeast Asia, Latin America, and the United States.
The majority of investors in this round were returning investors to WorkJam, with Blumberg Capital following on in addition to Fond FTQ and Inovia. The round did include one new investor in Demopolis Equity Partners.
The Montréal-based startup plans to use the capital to expand its footprint in Europe, Southeast Asia, Latin America, and the United States.
According to The Wall Street Journal, the deal values WorkJam at more than $500 million.
The $50 million Series D round follows two years after WorkJam raised its Series C round, which also came in at $50 million USD ($70.6 million CAD). However, in between its 2020 Series C and this year’s Series D, WorkJam also raised $35 million USD in what it called growth financing, from Silver Lake Waterman.
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This latest round brings WorkJam’s total funding to date to around $155 million USD.
Founded in 2014, WorkJam offers a mobile platform designed to help employers manage frontline workforces. WorkJam’s suite of products includes task and shift management; communication; training; and staffing; and is available in over 45 languages.
Major brands like American Eagle Outfitters, Circle K, Hilton, and Shell are among WorkJam’s customers.
WorkJam claimed strong adoption amid the COVID-19 pandemic from companies looking to “optimize and digitize their frontline operations.” Between 2020 and 2021, WorkJam reported that it almost doubled its client base, and as of last year had around three million frontline users on its platform.
WorkJam marks the second startup for which Inovia has recently increased its investment.
Inovia, known for doubling down on its portfolio investments, also recently led a more than $54 million CAD round for Symend. Inovia invested in both WorkJam and Symend in its first growth fund, and last year raised $450 million USD for its second such fund. Regarding this latest WorkJam investment, Inovia noted it “is excited to double down on our partnership with WorkJam,” and added that the startup is well positioned with a market “opportunity that is up for grabs.”
Feature image courtesy Workjam.
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