Suzhou, China, Jan 16, 2019 – GaiaWorks, a leading Chinese workforce management SaaS provider, announced today it raised $45 million in Series C financing led by Tiger Global with participation from existing investors Warburg Pincus and Matrix Partner China.
GaiaWorks will use the funds to advance its main growth initiatives: accelerating technology research and development, especially the scenarios of machine learning and AI engines in business forecasting, schedule optimization, employee retention, and enhanced analytics, as well as geographic expansion in the rest of Asia Pacific region.
Workforce management (WFM) refers to the use of technology to better predict business demands and workforce demands, optimize schedules, manage employee’s time and attendance, analyze and improve labor efficiency and sales effectiveness, as well as connect the frontline employees to managers and enterprises by mobile app to reduce cost, improve productivity and simplify compliance.
China has the most significant labor force in the world. The practice of workforce management is abundant and complex, and the increase in labor cost is also generating the demands for workforce management. GaiaWorks, found in 2009, has been focusing on workforce management for ten years. Gaia WFM is helping nearly 4,000,000 users with more than 1,000 clients across 13 countries and regions, which made GaiaWorks the leading provider of workforce management SaaS in China and even in the Asia-Pacific regions.
“Today’s announcement reinforces two key themes for the company: a continued commitment to workforce management including investment in technology and service, and solid customer satisfaction for our solution: over 99% renewal rate is the best proof of customer success.” Simpson Zhang, CEO and co-founder of GaiaWorks, said, “We added nearly 1 million users last year. We will invest more in AI technology and expand more in Asia Pacific region, and soon, we will get 10 million people on our platform. And that is a small step.”
Edward Lei, the partner of Tiger Global, said, “China has a promising workforce management market. Through ten years of hard work, GaiaWorks has occupied a large number of premier customers. With its fantastic product mix, extensive technology investment, and an experienced team with a great performance in business growth and customer success, we believe GaiaWorks is poised to become a leading WFM brand globally.”