Remote, a company focused on providing talent globally and helping remote businesses to onboard has recently announced a Series B funding of USD 150 million. With its solutions it is enabling clients and businesses to onboard, pay and manage both contractors and full-time employees on distributed teams. The funding is expected to raise Remote's global presence, and thereby its expansion.
"Our goal is to remove the barriers to hiring internationally, empower our customers to scale, and provide access to job opportunities all over the world”, said Job van der Voort, CEO of Remote.
Accel, a venture capital firm, led Remote's funding round. Other participating investors include Sequoia, Index Ventures, Two Sigma, General Catalyst, and Day One Ventures.
These are the existing investors from a USD 35 million Series A funding, conducted last year. As per the company, it has managed to increase its workforce from 50 employees to 220, after the USD 35 million funding held in November 2020.
“The traditional global payroll model involves aggregating regional payroll bureaus and applying a thin software layer on top to tie together reporting and tax documents — onboarding a new hire takes weeks and your employees are subject to the service outages and customer support shortcomings of the local third-party firm", according to a blog post by Accel. “In contrast, Remote fully owns legal entities and banking infrastructure in more than 50 countries, with near-term line of sight to over 100".
Remote owns 100 percent of its global assets and has legal entities in over 50 countries as of now. The company aims to expand its services to 80 countries around the globe by the end of 2021.