San Francisco-based HR platform Remote has secured its status as a unicorn. On Tuesday, the company announced that it raised $150 million at a valuation exceeding $1 billion. The Series B was led by Accel with participation from existing investors Sequoia, Index Ventures and General Catalyst, among others.
Remote offers up a platform that allows enterprises to handle payroll, benefits, taxes and compliance from a single place. The company has witnessed outstanding amounts of growth over the last year, in part due to the pandemic. Remote has grown its user base by 10x in the eight months following its Series A.
“Remote envisions a future in which every person and every business truly belongs in the global market,” Job van der Voort, CEO of Remote, said in a company blog post. “We are dedicated to our mission to open the potential of the world for everyone.”
Remote’s hiring platform syncs up with 50 international legal systems, which in turn allows for its enterprise customers to compliantly employ anyone across the globe.
“As we move forward, we not only intend to help more businesses hire in new places, but also to help them build more meaningful global partnerships,” van der Voort continued.
The new funding will help the company accelerate its global expansion. Remote has added 32 legal entities to its client roster since November and the company plans to be in 80 countries by the end of the year.
Following the latest raise, Remote plans to add new advisory capabilities to its platform including visa and immigration support. The company also plans to build out its own financial services infrastructure that would allow for enterprises to streamline their international payroll processes.
Remote is now hiring for dozens of remote roles across its growth, sales, engineering and global operations teams. The company’s team is growing at an exceptionally fast rate. Remote says it has grown its headcount from 50 to 220 over the last eight months.
Founded in 2019, Remote has raised $196 million in venture capital financing to date, according to Crunchbase.
