Remote raises $300 million in Series C

Remote work is now commonplace. This new working climate has led to a revitalized need for HR technology solutions that can help facilitate those who work in their home offices.

The new world of work has set a precedent for distributed teams and borderless hiring, and one of the companies that are helping this happen is the aptly named Remote. The company has made a name for itself by helping organizations build, manage, and support global and distributed workforces.

The platform enables clients to offer culturally aware employment packages that cover payroll, benefits, taxes and compliance. On top of that, the company has continued to expand its offering with Remote Relocation which gives support to companies as they go through immigration policies, and Remote for Refugees, a program that makes it easy and cost-effective for businesses to invest in refugee talent.

Remote has seen a 900% employee increase and more than 13-fold growth in annual recurring revenue in the past year, making it the fastest-growing employer of record company. Since July last year, when Remote closed a $150 million round and became a unicorn, the company has expanded its headcount and its offices into new regions.

Now, Remote has raised $300 million in its Series C round. The round was led by SoftBank and had support from a host of existing investors including Accel, Sequoia, and Index Ventures. The investment takes Remote’s valuation to over $3 billion.

Speaking about the investment, Brett Rochkind, managing partner at SoftBank Investment Advisers, said: “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.

“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 [van der Voot], Marcelo [Lebre], and the team to support their mission to open up the vast potential of the world for every person, business, and country.”

Remote’s plans for the investment

Looking at the future of the company, co-founder and CEO of Remote, van der Voort, noted: “My hope is that Remote’s trajectory as a fully distributed company will inspire other businesses to explore the value of international talent.

“Because we can hire from anywhere, we are able to attract and retain a diverse range of highly qualified professionals from wherever they happen to live.

“Building a company with diversity and inclusivity at the core means people of all backgrounds and perspectives are constantly powering our innovation.

“We are tremendously proud to facilitate opportunities for people across the globe to pursue big dreams. With this Series C funding, we will be able to unlock even more possibilities for our customers and their growing international teams.”

The company also shared some more insight about its future with UNLEASH recently. In an interview with Lebre, COO and co-founder of Remote, he shared that remote hiring is “a very big market. We are not trying to grab as much market as we can in the first place, instead, we’re doing it naturally because we’re doing what companies need.”

With a goal of having people’s benefits and work sorted seamlessly, the company “just want people to focus on growing their business, growing the vision.”