Native Teams, a work payments platform for remote and flexible workers, has raised €2m in a seed round.
The round was led by Eleven Ventures, one of the leading early-stage VCs in South-East Europe.
The round also saw participation from other leading funds including Croatia-based fund Fil Rouge Capital, Haatch Ventures from the UK, and US fund Quake Capital.
Native Teams helps freelance, remote and flexible workers (plus their employers or clients) manage their work payments while staying compliant with local laws.
The company is focused on what it calls “the modern employee”, where the advantages of localised work payments also include other fundamental benefits such as access to healthcare, pension plans, and basic tax compliance.
Native Teams said the funding will allow it to continue pursuing its fast-growth trajectory, including a particular focus on localising its services into even more markets prior to a full global rollout during 2023.
The raise, Native Teams added, has already seen the company launch in Nigeria as an initial foray beyond Europe. The team will also soon be introducing its first South American location.
Native Teams CEO and founder Jack Thorogood said, “We created Native Teams to provide a way for employees and freelancers to work for the best companies in the world, but without having to relocate in order to have ‘proper’ employment. We are delighted to have raised our Seed round from the best regional funds that represent where we are from, as well as a wider range of investors who will aid our global expansion.”
Fred Soneya, co-founder and partners at Haatch Ventures, added,“We are thrilled to be backing Jack and Native Teams at this exciting time alongside Eleven. The world of work has changed, accelerated by the Covid pandemic, Native is solving the pain points for remote and flexible working working for both employees and employers. There is a huge market that Native is addressing and we look forward to supporting them as they scale and grow.”
Recently, Digital payments network iink Payments has secured $3m in its seed funding round, which was led by Grand Ventures.
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