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The Series B funding round for Remote, led by Accel, also saw participation from existing investors like Two Sigma, Sequoia, General Catalyst, Index Ventures and Day One Ventures.
Remote, a new-age startup with the goal of enabling establishments to build global teams, recently raised $150 million in its Series B Funding Round. With that, the company’s total valuation crosses an impressive $1 billion, thus officially turning it into a Unicorn.
In COVID times, the relevance and need for tools that make remote working easier cannot be stressed enough. The pandemic has revolutionized the way companies hire, fire and work today with more and more of them turning to remote and hybrid models of employment. With major firms like Google and Dropbox encouraging remote working based models, it is clear this new normal is here to stay. This new world has been monumental for the success of several startups that are providing solutions to these new issues.
Remote is one of such startups at the forefront of this technological and structural change. It was founded just a couple of years ago by a Dutch-based neuroscientist Job van der Voort and ex-CTO Marcelo Lebre. Remote has quickly climbed the ladder with its novel offerings to companies across the globe through their fully owned and operated full-stack global infrastructure. Remote’s Full Suite of Solutions includes infrastructure to manage onboarding, documentation, payroll as well as security and compliance.
Plan of Action by Remote for Using Money Raised in the Funding Round
Expansion. The proceeds will be used to take the company’s services to new countries and add fresh entities. With 50 entities in its fold now, the company plans to increase it to 80 by 2021 end and by next year’s end, it will create legal entities across the globe.
Launch of Global Employee API. The funds will also be used to operate its strategic Global Employee API tool. This API will enable the customer’s HR and payroll infrastructure to integrate Remote’s global employment management infrastructure with their platforms.
Enhancing New Partnerships. Remote recently made a partnership with Greenhouse, the leading software service that offers a comprehensive applicant tracking mechanism. The goal is to integrate with their exceptional employee information data to improve the swiftness and precision of the customer’s employee onboarding and other related processes.
Improve and Increase Advisory Services. Remote will also likely grow its advisory services to help its customers get comfortable with local as well as international labour laws and overall business paradigms. These services range from guiding clients on global benefits, employee relocation and equity incentive planning to visa and immigration support. In future, the services would extend to other up and coming challenges and scenarios.
Very own Financial Services Infrastructure. A robust global employment platform necessitates an equally effective financial system that will streamline international payroll processes. The plan is to include novel means of payments like instant payouts and stock options payment plans; everything at the click of a button on the Remote platform.
Remote has not just tried to make their customers engage in global hiring but has implemented the same within their organization. With the Founders working from Amsterdam and Portugal, their almost 220 employees are based out of 47 different countries and are currently remote working.
The Series B funding round for Remote, led by Accel, also saw participation from existing investors like Two Sigma, Sequoia, General Catalyst, Index Ventures and Day One Ventures. Remote has grown exponentially in the last 8-9 months as it has seen customer numbers growing 7 fold. The number of users on the platform multiplied 10 times. Remote’s goal is to increase access for both employers and potential employees to the global job market. This in turn will further their vision of making the world more equitable and connected. With the current success, it seems the startup is only getting close to its destination.