Distributed workforce expert Remote secures $300 million in Series C round
Remote, a leader in building, managing and supporting global, distributed workforces, recently announced a $300 million (£230m) 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.
“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, Co-founder 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 and valuation to nearly $3 billion.
“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.