NYC-based remote working services company which provides tools to manage onboarding, payroll, benefits and other services for workers located in remote countries Remote raised $150m in Series B funding.
The round was led by Accel with participation from existing investors including Sequoia, Index Ventures, Two Sigma, General Catalyst and Day One Ventures.
The company, which is now valued at over $1bn, intends to use the funds to expand its advisory services to include guidance on global benefits, equity incentive planning, visa and immigration support, employee relocation, and build its own financial services infrastructure that will streamline and add transparency and speed to international payroll processes.
At the moment, Remote owns all of its infrastructures and offers its HR services to 50 countries, which it hopes to grow to 80 by the end of the year. Additionally, Remote will use the funding to build more tools and create partnerships within the human resources market. For instance, the company recently launched a Global Employee API, which allows HR platforms to manage domestic payroll.
Founded in 2019 by Job van der Voort – former VP of Product at GitLab – and Marcelo Lebre – former VP of Engineering at Unbabel – Remote is a self-serve global employment platform which has synthesised international legal systems into a single experience for its customers, enabling them to compliantly employ anyone, anywhere.
The funding comes after the company raised a Series A of $35m last November. In the last nine months, customer numbers have grown seven-fold, with users on the platform increasing 10 times. Remote’s revenue has grown by 65x over the past year, and employee headcount has gone from 50 to 220 employees working remotely in 45 countries since November 2020.
Commenting on Remote’s growth, Accel partner Miles Clements said, “Their new Global Employee API opens up access to Remote’s robust global employment infrastructure and knowledge map, and will help any HR provider expand internationally at a speed impossible before. Remote’s future vision as a financial services provider will consolidate complicated processes into one trusted platform, and we’re excited to partner with the global leader in the quickly emerging category of remote work.”
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