Workforce management startup Remote Technology Inc. is now valued at nearly $3 billion after closing a $300 million funding round led by SoftBank Vision Fund 2.
Accel, Sequoia and a half dozen other institutional investors also participated in the Series C round, which was announced this morning. The investment comes less than a year after Remote’s previous $150 million raise.
San Francisco-based Remote provides a cloud platform that makes it easier for companies to hire remote workers. Hiring workers in multiple countries often requires an enterprise to set up a local subsidiary in each country where it’s establishing a presence, an expensive process that can take months to complete. Remote’s platform spares companies the hassle of creating local subsidiaries.
Remote operates business units in dozens of countries. Companies can hire workers through the startup’s business units instead of creating their own local subsidiaries, which saves a significant amount of time and effort. According to Remote, its platform reduces a process that usually takes months to a few minutes.
The startup also helps its customers with related workforce management tasks. Remote’s platform enables human resource teams to manage payroll and benefits in a centralized dashboard. The startup also offers consulting services: it assists organizations with tasks such as optimizing their recruiting efforts and planning equity compensation programs.
Remote says that its annual recurring revenue grew by a factor of 13 in the past year thanks to strong demand for its platform. The startup counts publicly traded tech companies such as DoorDash Inc. and GitLab Inc. among its customers.
“Remote’s mission from day one has been to help create a world where every person and business truly belongs in the global market,” said Remote co-founder and Chief Executive Officer Job van der Voort. “This significant show of support from investors along with the rapid growth of our business is proof that this need is not only palpable, but that the vision and solutions we offer are first-in-class innovation.”
Remote plans to use its latest funding round to build more products, as well as grow its international presence. The startup is launching the growth initiative follows a year in which its headcount increased from about 100 workers to more than 900. Remote also launched a number of new features along the way, most recently an application programming interface that enables other software companies to integrate their applications with the startup’s platform.