The SaaS global employment partner has today announced a raise of $120M in its series B funding round. This funding further indicates the interest and inclination towards global hiring and remote work by employers and investors.
“The world is seeing a tectonic shift in the way businesses work and hire: from local-first to global and remote-first,” said Matthew Wilson, Co-founder and Co-CEO of Omnipresent.
The $120M raised by Omnipresent is inclusive of its pre-seed B which happened in the second half of 2021. Both were preceded by a series A round held just over a year ago, which raised $14.5M.
Piling in the money
This investment round was led by Kinnevik, a leading European growth investor, Tencent and Uncorrelated Ventures, a San Francisco-based investor.
With broad and diverse investments in fintech, health tech, social platforms, gaming, food tech and consumer services, just to mention a few, these investors understand the value of remote work from its impact within and on portfolio organisations.
“We have seen the benefits of its platform first-hand; companies are scaling their operations into new markets in ways they simply couldn’t achieve without Omnipresent’s support. The business model is differentiated, and we believe the team they’ve built is uniquely strong and can deliver on the vast market opportunity. We are very excited to partner with them in this next phase of their journey as they continue to scale and forge ahead globally.” remarked Ola Nordbye, Investment Director at Kinnevik.
The rise of global organisational teams
Global employment is no longer an issue of dealing with increasing salaries or coping with a ‘great resignation’. It is a matter of sourcing the best talent to enrich organisational teams. The modern organisation isn’t restricted by geography anymore for the talent they need to grow.
For some businesses, the weight of competitive advantages could rest on the shoulders of hiring a talented team. As recent events have shown us, factors such as high costs of living could create hiring gaps created by workers demanding higher salaries, which might not be the case elsewhere.
Fundamentally, the advancement of remote working tools and technologies have further enabled workplace collaboration despite geographical shortfalls. Omnipresent is among those platforms that could allow businesses to tap into their expansive network and employment expertise for stress-free, efficient and streamlined management of their global teams.
Omnipresent, businesses’ global employment partner
The company was founded in November 2019, is headquartered in London, England, but employs a fully remote operational model. Omnipresent provides a human resource and onboarding SaaS platform designed to help companies hire remote-working local teams, globally.
It handles local employment compliance, payroll, human resource support, and benefits for international teams, enabling clients to hire and manage full-time personnel internationally stress freely.
Omnipresent’s approach is acting as the legal employer on behalf of its clients in countries it hires from. It’s an easy-to-use, tech-enabled platform that allows companies to onboard new hires compliantly globally, providing them with local contracts, tax contributions, and competitive benefits, such as health insurance, pensions, and paid leave.
Guidance for growing the business
Omnipresent firmly believes that it will catalyze the shift from local-first companies to global-first. With its newly raised funds, the company will continue building out new products and services to its clients, gather more clients and carry out geographic expansion.
“At a time when companies need to secure the best talent, they’re looking to benefit from the quality and diversity of a global workforce,” said Guenther Eisinger, Omnipresent Co-CEO. “But there are challenges to operating globally, from dealing with local labour laws to payroll taxes and employee benefits. Omnipresent helps solve these complexities and acts as a partner to help companies go global-first. We are here to provide the expertise, support, and guidance they need to be able to hire international talent located anywhere in the world.”
