Omnipresent closes $120m Series B

Over the past two years, workers across the world have proven they can work productively from home. Employers, in turn, have realized they do not need to build teams based in one location who can commute to one office.

Instead, they can hire the best people no matter where they are based in the world. Therefore, accelerating the already emerging trend of hiring and working from anywhere.

But it is difficult to hire, onboard, and pay employees across the world – this is where HR tech companies come in. It is no surprise that hiring from anywhere tech companies have thrived over the past two years – just look at Deel which became a unicorn in April 2020 and is now worth more than $5.5 billion.

Another booming hiring from anywhere startup is Omnipresent. The global remote work platform, which helps companies with local contracts, tax concerns, and benefits, has raised $120 million in a Series B round.

The Series B round of funding was led by Kinnevik and Tencent. Uncorrelated Ventures also participated.

Talking about the round, Omnipresent CFO Tucker Dearth tells UNLEASH: “This round is a significant milestone in Omnipresent’s development. We announced our Series A early last year and have been working tirelessly to scale the business since.

“In 2021 alone, we saw 10X growth in our people and 25X growth in recurring revenue.”

Kinnevik investment director Ola Nordbye commented: “Where Omnipresent sets itself apart is its expert understanding of local differences in a globalized world.

“We have seen the benefits of its platform first-hand; companies are scaling their operations into new markets in ways they simply couldn’t achieve without Omnipresent’s support.

“The business model is differentiated, and we believe the team they’ve built is uniquely strong and can deliver on the vast market opportunity.

“We are very excited to partner with them in this next phase of their journey as they continue to scale and forge ahead globally.”

A bright future for Omnipresent

Omnipresent plans to use this influx of funding to continue to grow its team, as well as expand its customer base. Although Omnipresent already has a presence in 150 countries globally, it wants to continue to broaden its geographic reach.

Dearth continues: “This latest influx of capital will help us continue to grow our business, invest more in sales and marketing, and build out our team in product and engineering as we continue to build a best-in-class platform.

“Our focus is on helping solve the complexities for companies with global teams and being the partner they need as they expand their talent to be global-first.”

The company believes its offerings are even more relevant with the ongoing ‘Great Resignation’ where companies need to rethink their approach to talent attraction and retention.

Co-founder and co-CEO Guenther Eisinger added: “At a time when companies need to secure the best talent, they’re looking to benefit from the quality and diversity of a global workforce.

“But there are challenges to operating globally, from dealing with local labor laws to payroll taxes and employee benefits.

“Omnipresent helps solve these complexities and acts as a partner to help companies go global-first. We are here to provide the expertise, support, and guidance they need to be able to hire international talent located anywhere in the world.”