Remote raises another $300 Million at more than $3 Billion valuation
HR solutions for distributed teams builder Remote has announced a robust $300 million raised in a Series C round. This funding arrives just 8 months post a $150 million Series B round that saw the company punch a ticket at the unicorn club, and now brings the total funding amount to $495 million at a valuation of nearly $3 billion.
Founded in early 2019 and publicly launched in 2020 by Job van der Voort and Marcelo Lebre, 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. The company counts GitLab, DoorDash, Loom, and Paystack amongst its customer base, helping them recruit, pay, and remain regionally compliant with any and all HR-related employer regulations.
“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,” explained van der Voort. “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.”
Remote’s $300 million Series C round was led by SoftBank Vision Fund 2 with existing investors including Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards, Adams Street, and Base Partners all participating.
“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,” commented SoftBank Investment Advisers Brett Rochkind. “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.”