Multiplier, a startup that enables companies to hire and pay remote workers while complying with local laws, announced today that it has raised a $60 million Series B at a valuation of $400 million. The round was co-led by Tiger Global and Sequoia Capital India and brings Multiplier total investment since it was founded in 2020 to $77.2 million. Multiplier raised a Series A of $13.2 million from Sequoia Capital India just three months ago.
The funds will be used to add more features. For example, businesses can now self-register on the platform and instantly send candidates contracts and offer employee stock ownership plans. Multiplier is currently working on a crypto-payroll feature that will allow employers to pay freelancers with cryptocurrencies.
The startup’s main product is an Employer of Record (EOR) solution that allows it to partner with clients, acting as the legal employer of their employees and enabling them to comply with local labour and tax laws.
So far, Multiplier has EORs set up in more than 150 countries. Multiplier’s clients can pay their employees through its professional employer organization (PEO) solution, which helps them manage payroll, benefits and expenses. The company’s services start at $300 per employee per month or $40 per freelancer per month. If a company already has its own local entity, Multiplier can help them manage payroll for $20 per employee a month.
Some companies that use Multiplier to support their global payroll and compliance include Amazon, ServiceNow and Graphisoft.In a prepared statement, Sequoia India principal Rohit Agarwal said, “Today, founders and businesses are not constrained by borders in their thinking."
"This has been one of the most fascinating trends in the last couple of years and it’s a fundamental shift. Several founders across Asia are building for the world from day 1 and hiring from around the world from day 1. We believe globalization of the workforce is one of the most exciting trends of the next decade and are thrilled to see Multiplier facilitate that shift seamlessly for hundreds of companies and thousands of employees.”SOURCE: Techcrunch
IMAGE SOURCE: Pixabay
