Total amount raised
$496 Millions
Latest funding date
4/1/2022
Location
Remote has successfully raised significant funding over multiple rounds, with its latest being a Series C. The company specializes in providing comprehensive HR solutions for distributed teams, including payroll, tax, and compliance services.
Keep reading to explore the intricacies of Remote's fundraising journey and the investors backing this innovative platform.
What Is Remote?
Remote, founded in 2019, is headquartered in San Francisco, California. The company was established by Job van der Voort, Marcelo Lebre, and Nicholas Macario.
Remote specializes in providing global HR solutions, including payroll, tax, and compliance services for distributed teams. Their platform helps companies hire and manage remote employees efficiently.
With a workforce of 1001-5000 employees, Remote continues to expand its services to meet the growing demands of global employment.
How Much Funding Has Remote Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial development.
- Seed Round
- Amount Raised: $11M
- Date: April 2020
- Lead Investors: Two Sigma Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and expand initial services.
- Series A
- Amount Raised: $35M
- Date: November 2020
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Series B
- Amount Raised: $150M
- Date: July 2021
- Lead Investors: Accel
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To support rapid growth and expand the team.
- Series C
- Amount Raised: $300M
- Date: April 2022
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Over $3 billion
- Motivation Behind the Round: To continue building out tools, expand services, and address growing demand.
Total Amount Raised: $496M. Current Valuation: Over $3 billion.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused investment funds in the world. It is known for making substantial investments in innovative and disruptive companies.
- Investment Focus Areas: Technology, AI, robotics, telecommunications.
- Notable Investments: Uber, WeWork, DoorDash, ByteDance.
- Accel
- Details: Accel is a venture capital firm that invests in early and growth-stage technology companies. It has a strong track record of backing successful startups.
- Investment Focus Areas: Early and growth-stage technology companies, software, internet, mobile.
- Notable Investments: Facebook, Slack, Dropbox, Spotify, Atlassian.
- Sequoia
- Details: Sequoia Capital is a renowned venture capital firm that has funded many of the world's most successful companies. It focuses on long-term partnerships with founders.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Apple, Google, Oracle, PayPal, WhatsApp.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology and life sciences companies. It supports entrepreneurs from seed to growth stages.
- Investment Focus Areas: Technology, life sciences, software, e-commerce, fintech, biotech.
- Notable Investments: Dropbox, Etsy, Farfetch, Robinhood, Supercell.
- Two Sigma Ventures
- Details: Two Sigma Ventures is the venture capital arm of Two Sigma, a technology-driven investment manager. It focuses on data-driven technology companies.
- Investment Focus Areas: Data science, machine learning, advanced technology.
- Notable Investments: Coinbase, SoFi, Rigetti Computing.
What's Next for Remote?
Remote stands at the cusp of a significant opportunity as the demand for remote work solutions continues to surge. With a $3 billion valuation and a recent $300 million Series C funding round, the company is well-positioned to expand its services globally. The market for managing distributed workforces is vast, and Remote's comprehensive platform for payroll, benefits, taxes, and compliance is set to capture a substantial share.
Future fundraising opportunities appear promising, given the company's rapid growth and investor confidence. As Remote scales its operations and enters new markets, additional funding rounds could support further expansion and technological advancements. However, challenges such as navigating complex international regulations and maintaining service quality across diverse regions may arise. Despite these hurdles, Remote's integrated approach and strong investor backing suggest a bright future ahead.
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