Internet and telecommunications group SoftBank’s Vision Fund 2 led a $300m series C round yesterday for Remote, a US-based provider of remote work management tools.
The round was filled out by Accel, Sequoia Capital, Index Ventures, General Catalyst, Gaingels and Two Sigma Ventures at a valuation of nearly $3bn.
Founded in 2019, Remote provides businesses with software tools to manage payroll, benefits and onboarding of employees in other countries. The series C capital will be put toward expanding its product range and geographical reach.
The covid-19 pandemic has served to supercharge the remote working technology space, and the company claims to have experienced a more than 13-fold increase in annual recurring revenue in the past year.
Accel led Remote’s $150m series B round in July 2021, participating alongside Day One Ventures, Sequoia Capital, Index Ventures, Two Sigma Ventures and General Catalyst. The last four had joined private investors Aaron Levie, Zach Weinberg and Kevin and Julia Hartz in Remote’s $35m series A in late 2020.
Two Sigma Ventures had previously led the company’s $11m seed round, in April 2020, which also featured Index Ventures, General Catalyst, Liquid2, Inkef Ventures, Remote First Capital and unnamed angel investors.
Job van der Voort, co-founder and CEO of Remote, said in a blog post: “Remote’s growth since last year has been incredible. Our globally distributed team now includes more than 900 people in over 65 countries all over the world – a 900% increase in team size over the last 12 months. Because of their efforts, Remote has become the fastest-growing employer of record in the world.”
Photo courtesy of Remote Technology, Inc.
