Remote raises $150 million
San Francisco-based HR platform Remote has raised a $150 million Series B round at a valuation of more than $1 billion, making Remote a unicorn company. This round was led by Accel with participation from existing investors including Sequoia, Index Ventures, Two Sigma, General Catalyst, and Day One Ventures.
Founded in 2017, Remote is a global employment provider with its own legal infrastructure in every country where it operates. This provides customers with security for IP and invention rights, guarantees international compliance, and enables Remote to offer flexible pricing.
Remote’s platform includes its global employer of record services, covering international payroll, benefits, taxes, and visa and immigration services, as well as a free platform for global contractor management and payments.
According to the company, this new funding will help accelerate its expansion into more countries. “We have added 32 new legal entities since November, for a total of 50 around the globe. We will be in 80 countries by the end of 2021. By the end of next year, Remote will own the most comprehensive global employment infrastructure in the industry, with the ability to hire almost anywhere in the world. Since our Series A round in November 2020, Remote has experienced incredible growth. We have opened entities in dozens of new countries, grown our user base by 10 times in just eight months, and expanded our own team from 50 to more than 220 team members in 47 countries on six continents. All done in the name of helping more companies, workers, and countries enjoy the benefits of global employment.”
The company also announced the launch of its Global Employee API. This API will allow HR and payroll companies to take advantage of Remote’s vertically integrated global employment structure within their own products and platforms.
Remote also recognizes that the future of global employment requires financial services to match. “We plan to build our own financial services infrastructure to streamline international payroll processes while adding both transparency and speed. As an evolution of Remote’s vertically integrated infrastructure strategy, these financial services will include instant payouts and stock options payment plans, all from within the Remote platform.”