Roll up! Roll up! Workforce technology company Weploy is recruiting investors.
The business - an on-demand temporary staffing platform connecting pre-qualified casual workers experienced in customer service and administration with the likes of Volkswagen and UniSuper - is seeking to raise $15 million, in exchange for a small equity stake in the company.
Weploy’s co-founders Tony Wu, Vince Luong and Nick La.
Founded in 2017 by Tony Wu, Vince Luong and Nick La, the recruitment tech business was built to create a more efficient process for employers and empower casual customer service staff to find work easily.
The company is understood to have first considered raising funds last year and held off thanks to COVID-19.
The business is tracking to 140 per cent compound annual revenue growth between 2017 and 2021 and expects $20 million-plus revenue next year.
The company also counts Super Retail Group, Medibank, Toyota Financial Services, AIA Insurance and Deliveroo as customers.
To date, it has invested $8 million into developing its recruitment platform.
Weploy has enlisted Lempriere Wells - also looking for a backer for Supernova - to help it raise the funds, and it’s expected to target investors in Australia and the US. The firm is calling for bids ahead of Christmas.
The capital raise is slated to carry the company through to profitability, and revenue of about $73 million.
“When I first received the offer to start working in the recruitment industry, I was really excited at the thought that I was able to help people find jobs, and relate to business owners in sourcing top talent to help grow their businesses,” Wu said.
“As time went on, however, I realised there were a lot of things I didn’t see eye to eye with in traditional recruitment…… I have several bottles of unopened champaign in my house that were awarded to me for securing high margin contracts from not-for-profit organisations that are trying to make a difference with limited resources… the unopened champaign bottles are a reminder of what drives the mission of Weploy,” Wu said.
Luong, who serves as CEO, said the company had started out servicing small businesses, but quickly took on enterprise clients.
”Throughout COVID-19 we focused on refining and beefing-up our technology to be the most purpose-built solution in the customer service vertical. By doing this our growth has really surged and already allowed us to expand organically into New Zealand,” he said.
While growing locally is still its priority, expanding to the US is on Weploy’s agenda and this could be accelerated if it brings on a US investor.
In 2024, the company will likely toss up an initial public offering, or a larger Series B capital raise.