Remote Raises $150 Million Series B Led By Accel to Power a New, Global Workforce
13.7.2021 15:00:00 EEST | Business Wire | Press release
Remote, a leading HR tech platform and provider of global employer of record services and international contractor management, today announced it has raised a $150 million Series B round led by Accel with participation from existing investors including Sequoia, Index Ventures, Two Sigma, General Catalyst and Day One Ventures, and is now valued at over $1 billion. The new round comes in the midst of a massive transformation of the workforce that has ushered in a new era of remote work and empowered companies to recruit talent from anywhere in the world.
The shift to distributed employment created unprecedented demand for Remote’s services: since their $35 million Series A in November 2020, Remote grew its customer base by 7x and increased its users by more than 10x. 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. Remote is the only Employer of Record (EOR) that owns 100% of its global infrastructure, has legal entities in more than 50 countries with plans to have fully operational legal entities in more than 80 countries by the end of 2021, and in the rest of the world by the end of 2022.
In conjunction with the funding, Remote is announcing the launch of a first-to-market Global Employee API, that enables HR and payroll companies to leverage Remote’s vertically-integrated global employment capabilities and infrastructure within their own platforms. Remote’s Global Employee API is being used by top Employee Management Platform Rippling to allow customers to compliantly onboard international employees, consolidate domestic and international payroll, and accelerate their global expansion.
"Through our partnership with Remote, Rippling’s clients can hire, onboard, and pay someone anywhere in the world — all through one HR system, with one set of reports and analytics, and with one place to make employee changes, across the globe,” shared Parker Conrad, CEO of Rippling. “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."
With the new funding, Remote will expand their advisory services to include guidance on global benefits, equity incentive planning, visa and immigration support, employee relocation, and more. Remote plans to build its own financial services infrastructure that will streamline and add transparency and speed to international payroll processes, which at present are reliant on external parties. An evolution of Remote’s vertically integrated infrastructure strategy, their financial services will include instant payouts and stock options payment plans all within the Remote platform.
"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. “Our seasoned team has spent the past year expanding our global infrastructure, to deliver elegant solutions to complex international legal challenges, and with this funding, we will be adding new products, services and partnerships."
“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,” said Miles Clements, Partner at Accel.
In addition to the upcoming Global Employee API launch, Remote has partnered with Greenhouse, the leading applicant tracking system and recruiting software, to integrate with their robust employee information data and increase the speed and accuracy of Remote customers’ onboarding process.
Hiring internationally has traditionally been a costly and cumbersome process that was largely accessible only to multinational corporations with large HR teams. With Remote, companies can now employ talent around the world through a platform of global payroll, tax, benefits, legal and compliance services. Free for international contractors, with pricing starting at $149 per month for early stage startups, Remote provides an unparalleled level of expertise, IP protection, and cost efficiency to customers and their global workforce.
About Remote
Remote is the leading self-serve global employment platform with the only network of 100% owned legal entities around the world. Remote has synthesized international legal systems into a seamless experience for its customers, enabling them to compliantly employ anyone, anywhere. Remote's Global Employee API makes it possible for HR tech partners to leverage our legal infrastructure for global payroll, benefits and compliance. 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 fully distributed company with employees based all over the world.
For more information, visit www.remote.com.
About Accel
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath, and Venmo are among the companies Accel has backed over the past 35+ years. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.twitter.com/accel.
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