SoftBank-Backed Startup Remote Nears $3 Billion Value in Funding
(Bloomberg) -- Remote Technology Inc., a startup which makes it easier for businesses to hire international employees, said it raised $300 million at valuation of almost $3 billion.
The investment was led by SoftBank Vision Fund 2, with participation from existing investors including Accel, Sequoia Capital, Index Ventures and Two Sigma Ventures, according to the company. Remote has now raised a total of $495 million since it was launched in 2019.
Remote has a human resources platform that helps businesses hire employees across more than 60 countries. Its technology helps businesses manage payroll, benefits and other relevant new-hire services. Its customers include DoorDash Inc. as well as GitLab Inc., where co-founder and Chief Executive Officer Job van der Voort used to work.
“In the future it shouldn't matter where you live” to be able to access good career opportunities, said van der Voort. Remote's customers “just hire great people,” he said.
The startup grew quickly during the coronavirus pandemic as companies shifted their focus to hiring more remote employees, van der Voort said. The broader category received significant funding, with investors also pouring capital into competing startups Deel Inc. and Papaya Global.
Remote is officially headquartered in San Francisco, but has no office because it emphasizes remote work, in line with its business objective.
SoftBank Investment Advisers managing partner Brett Rochkind said the trend toward hiring remote employees internationally will continue and that Remote is well-positioned to excel in this category because of its early traction. He said he's optimistic that the company will eventually go public.
©2022 Bloomberg L.P.
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