# Workmate

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/workmate

- Industry: Outsourcing
- Headquarters: Singapore, Singapore
- Website: www.workmate.asia
- Total disclosed funding: $11M
- Latest round: Series A (Nov 28, 2019)
- Investors on record: 10

## About

Workmate is a digital platform that connects businesses with flexible workers, streamlining workforce management for various sectors, including retail and logistics, to enhance operational efficiency and address labor market challenges.Founded in 2015 in Singapore, Workmate provides on-demand labor solutions through its technology-driven platform. The company has successfully executed 4 deals, with its latest funding round, Series A, completed in October 2022, raising USD 10.330 mn from several investors, including Ardevora Asset Management and Gobi Partners. The company was fully acquired by Persol Asia Pacific in October 2022. Lawrence Mansour is the current CEO, with co-founders including Kellie Davis, Mathew Ward, and Sujith Reddy.Workmate specializes in on-demand labor solutions, offering a platform that connects businesses with flexible workers across various industries. Their core product is a technology-driven workforce management platform that enables companies to quickly source and hire skilled labor for short-term projects, addressing challenges such as labor shortages and fluctuating demand. Workmate serves a diverse client base in sectors like retail, hospitality, logistics, and manufacturing, operating in multiple markets across Asia and adapting to local workforce needs.In the most recent fiscal year of 2021, Workmate reported a revenue of USD 10.91 mn, while its EBITDA was recorded at USD -13.76 mn. The company generates revenue primarily through transaction fees from businesses utilizing its labor platform, with firms paying a fee per worker or project through subscriptions, ensuring comprehensive labor solutions for their clients.Looking ahead, Workmate aims to enhance its platform by introducing new features and optimizing its services to improve user experience. The company plans to expand into additional markets in Asia by the end of 2023, focusing on regions where demand for flexible labor is increasing. The recent Series A funding of USD 10.330 mn will be strategically utilized to support these developments and facilitate the expansion efforts, enhancing operational agility and service offerings.

## Funding rounds

- Series A, Nov 28, 2019, $10M — Gobi Partners, Ardevora Asset Management, Wavemaker Partners, Convergence Ventures, Asiaciti Trust, Persol Holdings, Beacon Venture Capital, Mojo Partners, Rapzo Capital
- Seed, Jan 26, 2017, $0.6M — Accelero Capital

## Investors

- Accelero Capital (https://capitalatlas.ai/funds/accelero-capital) — Seed
- Gobi Partners (https://capitalatlas.ai/funds/gobi-partners) — Series A
- Ardevora Asset Management — Series A
- Wavemaker Partners (https://capitalatlas.ai/funds/wavemaker-partners) — Series A
- Convergence Ventures — Series A
- Asiaciti Trust — Series A
- Persol Holdings — Series A
- Beacon Venture Capital (https://capitalatlas.ai/funds/beacon-venture-capital) — Series A
- Mojo Partners — Series A
- Rapzo Capital — Series A