GGV Capital leads $76m round for Tiger Global-backed Chinese startup

GaiaWorks, a cloud-based workforce management service provider, raised 500 million yuan (US$76.5 million) in a financing round that was led by GGV Capital, Tencent, EDBI, and Index Capital.

Photo credit: GaiaWorks

Existing investor Matrix Partners China also participated in the round.

The China-based GaiaWorks provides services such as predicting workforce demand, scheduling, replenishing flexible labor, managing time and attendance, analyzing and improving employee and sales efficiency, and connecting companies with frontline workers to achieve cost-efficiency and compliance. Managers can also check labor productivity in real time using an application.

“China is the largest workforce market globally, and workforce management in China is complex and dynamic,” said Simpson Zhang, co-founder and CEO of GaiaWorks.

Founded in 2009, it claims to have served over 1,500 customers and 5 million workers in 24 countries across the Asia Pacific, Europe, and North America. Its clients include restaurant chains, real estate companies, display manufacturing companies, and dairy companies, among others.

Research firm MarketsandMarkets forecasts that the global workforce management market will grow from US$6 billion in 2020 to US$9.3 billion by 2025.

Prior to this latest financing round, GaiaWorks had raised a total of US$70.6 million in funding over four rounds, with the last one led by Tiger Global Management in January 2019, according to Crunchbase.