As human beings, our success is defined by various factors, but most of all, it’s defined by our ability to recognize opportunities. You see, not every opportunity that we come across will have the potential to make a difference, so knowing how to separate the genuine ones can really prove decisive beyond all limits. Now, if we are to assess the real-world impact of such a skill, we’ll see some notable by-products along the way. However, no matter what you witness on this journey, you certainly won’t find anything quite like technology. Technology breaks the mould in a significant way here due to reasons that are bigger than what we initially interpreted. The creation didn’t just help us in spotting a few chances here and there. Instead, it also kind of became our go-to avenue for manufacturing new and improved opportunities from scratch. The fresh dimension would instantly raise the floor across the board, thus resulting in a much smarter generation. While the said dynamic has already pivoted us towards enormous milestones, it’s well-positioned to achieve even more. In fact, a recent funding only takes us a step ahead in that direction.
Remote, a San Francisco-based company known for providing HR solutions to manage distributed workforce, has successfully secured over $300 million in Series C financing. Led by SoftBank Vision Fund 2, the round saw many other participants, including Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards, Adams Street and Base Growth. The stated financial boost arrives less than a year after Remote raised over $150 million in Series B, a detail that does everything to voice the surge in remote working. To give you concrete figures, the company processed more than 900 employees in just last one year, a feat which translates to a whopping 13x increase in total revenue. According to certain reports, the Series C raise valued Remote at $3 billion.
Talk about how the company will use this new cash injection, it is planning to establish presence across a wider surface. At present, Remote is active in over 60 countries, but the plan is to clock 100 by the end of 2022.
“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”, said Brett Rochkind, managing partner at SoftBank Investment Advisers. “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.”
While managing such a sensitive operation is no easy task, Remote’s brilliance in this area has earned it an esteemed clientele, which is made up of names like GitLab, DoorDash, Hello Fresh, Loom, Paystack, and many more. The company’s relationship with these names is predicated upon services like payroll, benefits, taxes, and local compliance.