Remote raises $300 million to manage company payrolls worldwide

Global HR startup Remote, which helps companies manage employee payrolls worldwide, said it raised $300 million at a $3 billion valuation in a round of funding led by SoftBank Vision Fund 2.

• Previous investors Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards, Adams Street, and Base Growth also participated.

Why it matters: Even as some companies have announced return-to-office plans, the pace of remote hiring has not slowed — and as companies recognize talent is everywhere, hiring and paying employees wherever they are has become more important than ever.

How it works: Remote provides payroll, benefits, taxes, and compliance — including acting as the employer of record — for companies working with contractors and full-time employees in more than 60 countries worldwide.

• Customers include large businesses with global workforces, like GitLab, DoorDash, Hello Fresh, Loom and Paystack.
• While Remote primarily works with clients directly, it expanded its ability to offer services through third-party HR platforms by launching an API last month.

Yes, but: Remote is hardly alone in the global payroll and employee management space, competing with Papaya Global, Oyster and Deel, among others.

• And there’s plenty of activity in the sector — just last week, Papaya Global acquired payments firm Azimo to augment its global payroll services.

Flashback: Last July, Remote raised $150 million in a round that valued the company at just over $1 billion.

• Since being founded in 2019, Remote has raised nearly $500 million altogether.