Multiplier raises $60m in Series B

COVID-19 dramatically shifted the way we work, transforming in-person work into fully remote work almost overnight. Two years later, while we are slowly moving out of the pandemic, work comes in all different forms – fully remote, hybrid, and in-office.

Amid the ‘Great Resignation’ and the struggle in recruiting qualified candidates, HR teams should think about their working models carefully. It seems that many candidates want remote and flexible working options, but these are not always easy to implement. But HR tech can help.

For instance, Multiplier, a Singapore-based startup that enables companies to hire and pay remote workers while complying with local laws, can help widen the talent pool, as well as make remote work globally accessible.

Founded in 2020, Multiplier is on a mission to create borderless talent searches. Today, it announced it has raised a $60 million Series B at a valuation of $400 million. Leading investors include, Tiger Global and Sequoia Capital; DST Global Partners also participated.

This comes just six months after its $13.2 million Series A in October; now Multiplier’s total capital has reached $77.2 million.

Sagar Khatri, CEO of Multiplier, said: “The talent shortage is real and the restrictions due to the pandemic accelerated it. Businesses are finding it hard to hire people with in-demand skills and have opened themselves to the possibility of distributed teams.”

“Country borders shouldn’t hinder the search for the right people for the right roles. We are resetting the mantra that hiring people from abroad is a costly, time-consuming, and organizationally daunting effort.”

Multiplier has customers in more than 150 companies, employing candidates globally. Through its platforms, users can manage global payroll, provide benefits, insurance, and remain lawfully compliant. Multiplier offers to manage payroll starting at $20 per employee per month.

What’s the future for Multiplier?

Multiplier is using its new capital to add new capabilities to its systems, such as allowing businesses to self-register and instantly send their candidates offer contracts, expediting the onboarding process.

Additionally, Multiplier plans to include capabilities for employee stock ownership plans. It also expects to create a crypto-payroll feature, so freelancers can be paid in cryptocurrencies.

Khatri added: “With this new capital, Multiplier will be able to further accelerate its work towards expanding the global infrastructure, garnering meaningful partnerships and adding new capabilities to our platform.”

“Additionally, we are also on a hiring spree, looking for an all-star team across countries, departments and levels, helping us pivot at scale and deliver premium experiences to our customers.”

Watch this space.