Remote raises $150M at a valuation of $1B led by Accel and turns unicorn

SaaS News -Remote-raises-$150M-on-a-$1B+-valuation-to-manage-payroll-and-more-for-organizations’-global-workforces(source: SaaS Industry)
At a Glance

Remote has raised $150 million in a Series B round led by Accel, valuing the firm at more than $1 billion. The money will go toward developing new technologies and forming relationships with other service providers in the highly fragmented human resources market.

Remote has raised $150M in a Series B funding round led by Accel at a valuation of over $1 billion. Other participants include Sequoia, Index Ventures, Two Sigma, General Catalyst, and Day One Ventures. Employees and contractors can use Remote’s worldwide payroll, benefits, and compliance services. With this round, Remote attains the unicorn status.

The new funds will be used in two parts. It will first and mainly focus on growing its company into new markets. Remote was created from the bottom up to be completely integrated, and unlike many of its competitors in the Employer of Record space, it controls all of its infrastructures. It presently delivers HR services to 50 countries as fully operating legal companies. More capabilities will be added to the platform in areas including benefits, equity incentive planning, visa and immigration help, and staff relocation.

Remote will also use the funds to continue developing new tools and partnerships to interact with other service providers in the highly fragmented human resources sector.

We are doubling down on our approach. We try to fully own the entire stack: entity, operations, experts in-house, payroll, benefits and visa and immigration — all of the items that come up most often. We want to build infrastructure products, foundational products because those have a higher level of quality and ultimately a lower price.

Job van der Voort, CEO and co-founder

Remote has made two announcements along with the funding round. One, Remote has created a Global Employee API that HR platforms that focus on domestic payroll may connect to give their own international service powered by Remote, which was revealed today to coincide with the investment news. One of its first customers is HR platform Rippling. Remote is also becoming more integrated with other areas of the HR chain of services. The application tracking system Greenhouse now connects with it to aid with new employee onboarding.

Remote is at the center of a profound shift in the way that companies hire. Their new Global Employee API opens up access to Remote’s robust global employment infrastructure and knowledge map and will help any HR provider expand internationally at a speed impossible before. Remote’s future vision as a financial services provider will consolidate complicated processes into one trusted platform, and we’re excited to partner with the global leader in the quickly emerging category of remote work.

Miles Clements, a partner at Accel

The CEO is based out of Amsterdam, Netherlands, and the CTO is in Lisbon, Portugal, but Remote, based in New York, has grown to 220 workers from 50 in November 2020, and this larger group has been working remotely across 47 nations.

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