Remote working services company Remote has raised $150 million, giving the company a valuation of over $1 billion.
The Series B funding was led by Accel and saw participants from former investors such as Sequoia, Index Ventures and Two Sigma.
Remote plans to use the funding across various areas, including expanding its services into more markets. At the moment, Remote owns all of its infrastructure and offers its HR services to 50 countries, which it hopes to grow to 80 by the end of the year.
“We are doubling down on our approach,” said Job van der Voort, CEO and cofounder of Remote. “We try to fully own the entire stack: entity, operations, experts in house, payroll, benefits and visa and immigration — all of the items that come up most often. We want to build infrastructure products, foundational products because those have a higher level of quality and ultimately a lower price.”
Additionally, Remote will use the funding to build more tools and create partnerships within the human resources market. For instance, the company recently announced the launch of a Global Employee API, which allows HR platforms to manage domestic payroll.
“Their new Global Employee API opens up access to Remote’s robust global employment infrastructure and knowledge map, and will help any HR provider expand internationally at a speed impossible before,” said Miles Clements, a partner at Accel.