Self-service employment platform Remote raised $150 million in a Series B funding round at a $1 billion valuation, per a company new release. This funding will help the startup expand its offerings as workplaces continue evolving remotely. The funding was led by Accel with participation from existing investors including Sequoia, Index Ventures, Two Sigma, General Catalyst and Day One Ventures.
Launched in 2019 by Job van der Voort, co-founder and CEO of Remote, and Marcelo Lebre, co-founder and chief technology officer (CTO), the Silicon Valley startup operates remotely in countries worldwide and aims to simplify how companies employ global talent. The company offers payroll, compliance, taxes and other services to businesses of all sizes.
This fresh round of capital will help accelerate the startup’s global expansion, with plans to be in 80 countries by the end of this year. Remote is in a total of 50 countries now, including the 32 added since November 2020. The new funds also will be used to include guidance on global benefits, visa and immigration support, employee relocation and more, according to the release.
Remote is working to develop its own infrastructure for financial services to streamline global payroll processes, which are largely dependent on separate third-party operators. Aside from adding transparency and speed, the tool will offer instant payouts and stock options payment plans integrated into the Remote platform.
According to a VentureBeat article from Tuesday (July 13), Voort believes remote work isn’t going anywhere and that “more companies are realizing that offering flexible remote work options will help them attract and retain an increasingly mobile workforce.”
In a PYMNTS interview on Monday (July 12) Paycom Vice President of Human Resources Jennifer Kraszewski said that the payroll workflow should include employees before payments are processed in order to catch costly errors.