HR Tech platform Remote has raised $150 million in a Series B round led by Accel with participation from existing investors including Sequoia, Index Ventures, Two Sigma, General Catalyst, and Day One Ventures. If that list of backers wasn’t impressive enough, as of today, Remote has achieved unicorn status with a valuation of over $1 billion. As the name suggests, Remote helps companies compliantly employ distributed teams, regardless of their location. To date, the firm has raised $196 million.
Founded in early 2019 and publicly launched in 2020, one might think that founders Job van der Voort and Marcelo Lebre had a crystal ball on hand and knew what was coming. In the past year alone, Remote saw revenues grow by 65x, and the headcount jump from 50 to 220.
Remote is the only Employer of Record (EOR) that fully owns its global infrastructure with legal entities in more than 50 countries. By year’s end, Remote is aiming to up this number to 80 countries, and the rest of the world by the end of 2022.
With this fresh round of funding, Remote will expand its service offerings to include guidance on global benefits, equity incentive planning, visa and immigration support, and employee relocation. Looking down the road, a financial services infrastructure is in the works, which will streamline and expedite the international payroll process.
Remote has also announced the launch of its Global Employee API that gives HR and payroll companies the ability to seamlessly integrate Remote’s services into their own platforms.
Already in use by employee management platform Rippling, CEO Parker Conrad commented, “We chose to partner with Remote because of their global infrastructure, in-house expertise managing entities all over the world, and their strategy to closely integrate their service with clients’ other business systems. Rippling + Remote will give HR leaders assurance that their global teams always meet local tax and labor laws, no matter where they work.”
In conjunction with the Global Employee API Remote has partnered with applicant tracking software maker Greenhouse. The collaboration will allow Remote to integrate with Greenhouse’s employee information data, increasing the speed and accuracy of the onboarding process.
“Remote is at the center of a profound shift in the way that companies hire. 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,” concluded Accel’s Miles Clements.
News Source: Tech.eu