Remote secures $300 million Series C financing to power global employment
Valued at almost $3 billion, Remote is the fastest-growing employer of record company
San Francisco, Ca., April 5, 2022 – Remote, a leader in building, managing and supporting global, distributed workforces, today announced a $300 million Series C financing round, led by SoftBank Vision Fund 2 with participation from existing investors including Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards, Adams Street and Base Growth. As more companies seek to employ talent around the world, the funding round comes on the heels of exponential growth resulting in a 900% employee increase and more than 13- fold growth in annual recurring revenue in the past year, making Remote the fastest-growing employer of record company.*
“Remote’s mission from day one has been to help create a world where every person and business truly belongs in the global market. This significant show of support from investors along with the rapid growth of our business is proof that this need is not only palpable, but that the vision and solutions we offer are first-in-class innovation,” said Job van der Voort, cofounder and CEO of Remote. “With this additional funding, we will be able to build more products including contractor and global payroll platforms and expand on our premier service and benefits offering.”
Coming only eight months after its $150 million Series B, which cemented the startup’s unicorn status, Remote’s Series C round brings the total raised to $495 million, valuation to nearly $3 billion, and validates Remote’s position as the go-to partner for companies transitioning to the new future of work.
“The way people work has permanently changed and the shift to remote and hybrid work has enabled companies to hire from anywhere in the world, but this can be an intensive, costly and risky process,” said Brett Rochkind, Managing Partner at SoftBank Investment Advisers.
“Remote has built a full-stack, global platform that creates a fast, seamless experience to hire and onboard new employees regardless of where they are. We are excited to partner with Job, Marcelo and the team to support their mission to open up the vast potential of the world for every person, business and country.”
Founded in 2019, Remote empowers companies including GitLab, DoorDash, Loom, Paystack and more to build their teams with the best talent around the world. The Remote platform provides the necessary tools and expertise for clients to hire globally, pay teams in their preferred currencies, and remain compliant with ever-changing regulations. By fully owning and operating legal entities in each country, including staff on the ground in every market, Remote makes it possible for customers to offer competitive, culturally aware employment packages including payroll, benefits, taxes, stock options and regulatory compliance to stand out in the global talent marketplace.
“Through Remote, Jeeves has hired 70 employees and 10 contractors across India, Canada, the United Kingdom, and South America. Remote has enabled us to rapidly enter new markets without the overhead of setting up our own entities. And when we do eventually open entities in some countries, we know we can rely on Remote’s global compliance and payroll expertise to help us do it right,” said Kati Reaugh, Chief People Officer at Jeeves. “Remote’s customer support and expertise has been fantastic, and we have enjoyed growing and partnering with them.”
“Remote enables Fonoa to build the best teams in the world, irrespective of where those team members may be based,” said Sophie Connor, People Operations Manager at Fonoa Technologies. “Not only have they greatly expanded our talent pool to help us scale seamlessly across eight countries, but they’ve helped us ensure an equitable, culturally aware employee experience for our entire distributed workforce.”
In 2022, Remote launched a program to provide hands-on support to help companies empower their employees with international moves through Remote Relocation, which provides visa guidance and sponsorship, local immigration and tax guidance, insurance, and cross-cultural training. The company also launched Remote for Refugees, a program that makes it easy and cost-effective for businesses to invest in refugee talent, including free global employment for all refugees.
Remote continues to innovate its tech offerings, launching last month the first-to-market Remote API in partnership with leading HR software platforms including AngelList and Sequoia Consulting to help companies scale and manage international teams directly through their platforms.
Remote will be hosting its inaugural Remote Connect conference on Building Belonging in the New World of Work from April 5-6, 2022. The all-virtual event will feature a lineup of celebrity authors, business leaders and industry experts including Ariana Huffington, Adam Grant, Priya Parker and more.
For more information on Remote, its leadership, and its innovative solutions, visit remote.com.
*Faster ARR growth than reported by competitors according to internal research.