Onboarding, payrolling Firm Remote raises $150 million in investment to develop its business worldwide.
The Remote company offers solutions to manage onboarding, payroll, benefits, and other services for IT and other knowledge workers who are located in remote regions, whether they are contractors or full-time employees.
The CEO and co-founder of the New York-based Remote, Job van der Voort, a Dutchman, acknowledged in an interview that funding places Remote’s value at above $1 billion.
The firm Remote has had a stellar year overall, especially since November last year when it obtained a Series A of $35 million funding.
However, even by today’s flush-market standards, $150 million at a $1 billion+ valuation is a very, very substantial Series B. Customers have increased sevenfold during the past nine months, while platform users have multiplied by ten.
On the strength of strong demand for its tools, one of the firms that have created a platform to assist cater to that new, larger world of employment, wherever talent maybe is announcing today a sizable round of funding. Many of us no longer associate going to work with entering a particular workplace as we once did.
The money will be put to use in a few different places. It will mostly be used to diversify its clientele by entering new markets. In contrast to a number of other companies with which it competes in the provision of Employer of Record services, the firm has been fully integrated from the ground up, and Remote entirely owns all of its infrastructures.
It now offers HR services across 50 nations as a fully functional legal company. More capabilities in relation to topics like benefits, preparing for equitable incentives, supporting immigration and visas, and staff relocation will also be included in the platform.
The investment will also be used by Remote to keep developing more tools and alliances to interface with other service providers in the highly fragmented human resources industry.
Along with the financial news, two of these are being announced: HR solutions that concentrate on local payroll can integrate Remote’s newly released Global Employee API to offer their own global service that is powered by Remote. One of its first clients is the HR platform Rippling.
Additionally, Remote is integrating more with other components of the HR value chain, such as the applicant tracking system Greenhouse, which will facilitate the onboarding of new hires.
Although there are many companies that compete with Remote in the same market, including some more regional players and a wide range of startups.
such as Oyster, which announced $50 million in funding in June, Deel, which is now valued at $1.25 billion, Turing, and Papaya Global. which is now also valued at over $1 billion.
many others, the opportunity they are all addressing is enormous and, if anything seems to be expanding. The employment of employees from abroad has long been an expensive, time-consuming, and organizationally difficult endeavor.
As a result, many businesses have chosen to avoid it altogether or to save it only for very special circumstances. But that paradigm has substantially evolved in recent years.
Even before COVID-19, there was a talent shortage, leading to fierce competition for qualified candidates in companies’ home markets, which drove them to expand their search for candidates.
Looking further afield, those firms were forced to think about hiring those employees remotely, allowing them to work from a distance, as the process of transferring them had likewise grown more expensive and difficult to complete.
Then COVID-19 occurred, and everyone—including employees at corporate headquarters—began working remotely. This further altered expectations for employees and the factors that organizations are willing to take into account when hiring new employees or managing existing ones from a distance.
While much of that has been demonstrated in the concept of moving to different cities within the same nation—Miami and Austin experiencing a significant influx of Silicon Valley “ex-pats” being two examples of that—it seems like a logical next step to take into account that now that sourcing and managing are taking on a significantly more global slant.
Many recent additions to the workforce as well as long-term employees who may not have been originally from the United States or who just desire to travel to other places are now included in the mix.
Provides remote workers in the IT and other knowledge sectors the tools they need to manage onboarding, payroll, benefits, and other services.
Job van der Voort
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