JAKARTA (TheInsiderStories) – Singapore-based start-up company, Workmate, has raised US$5.2 million in its Series A financing round, led by Atlas Ventures and Gobi Partners, also Beacon Venture Capital of Kasikorn Bank, the company announced Sunday (11/17). Since 2016, the company has been raising funding of $7.42 million.
“The funding will be used to increase the investment in sales, technology and for expansion to the new cities,” said Co-Founder and CEO Workmate, Mathew Ward.
Workmate is an end to end and on-demand workforce service which provides a hundred million informal labors in South East Asia. Ward noted that the informal labor market in Southeast Asia, including Indonesia, is still using traditional way, with word of mouth socialization.
“Therefore, the customers struggle to find consistent and reliable informal labors,” he said.
In reality, there are many informal job vacancies. However, the technology services that support it are too focused on the formal workforce.
In Indonesia, Ward said that Workmate workers are spread across a number of companies such as Ismaya Group, ride-hailing firm Grab, NinjaVan, Kopi Kenangan, and STOQO. During the 2018 Jakarta-Palembang Asian Games, the Workmate sent more than 1,000 workers.
Ward explained that the companies which want to recruit workers on their platform, companies simply click on the ‘Staff Search’ column. Then, Workmate will immediately match the company with workers in related locations that meet the terms and conditions. The company can access the experience, rating, and performance history of each worker before choosing.
In addition, Workmate also manages work contracts, attendance management, timesheets, and employee payment processes. Not only that, Ward added that the Workmate provides protection for workers from wage fraud, social security, and insurance provision.
“In Southeast Asia, the informal labor sector contributes more than 50 percent of the total workforce, with a wage of $200 billion,” Ward said
Workmate has headquartered in Singapore, with branch offices in Bangkok, Jakarta, and Bali. The company also plans to expand to several countries in Southeast Asia by 2020.
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