Another Drive Capital LLC portfolio company has raised a mega-round, this time outside of Ohio.
Minneapolis-based When I Work announced Monday it has raised a $200 million growth investment from Bain Capital Tech Opportunities.
The digital platform for workforce scheduling said it will use the funding to expand its suite of software products and features, including potential acquisitions. The coronavirus pandemic at first hurt the business, then opened greater markets.
Minneapolis-based Arthur Ventures also joined the round as a repeat investor.
"Bain Capital Tech Opportunities is an aligned strategic partner – both culturally and strategically – that brings a stellar track record for scaling software platforms," said When I Work co-founder and Chief Marketing Officer Chad Halvorson. "They will help us build on the incredible contributions of our early investors and our committed team."
More than 10 million hourly employees have used When I Work since its 2010 founding by Halvorson and Chief Architect Daniel Olfelt. More than 200,000 client employers include manufacturers such as Siemens and national healthcare providers.
The company took a big hit during pandemic-related shutdowns of 2020 as many customers suspended or downgraded accounts.
When I Work itself laid off about one-third of its total workforce, but since has rebounded to more than 200 employees, more than pre-pandemic.
The company benefits from the pandemic-driven boom in flexible scheduling and freelancing, plus the tight labor market.
Boston-based Bain Capital has invested in and scaled numerous software companies including A Cloud Guru, Hudl and HST Pathways.
Columbus-based Drive led When I Work's $15 million Series B five years ago, with participation by Arthur Ventures and another firm. Drive cannot comment on the new round, a spokesman said via email.
Central Ohio companies in Drive's portfolio have raised more than $900 million of a record $2 billion in VC to date this year in the state, as detailed in this week's Columbus Business First cover story.
