Multiplier, a global employment platform that helps companies employ and pay talent anywhere in the world, achieved a $400M valuation, raising $60M. Noticeably featured in the transaction was Tiger Global, Sequoia Capital India and DST Global Partners. This new investment has seen Multiplier raise a net total of $77.2M from investors.
This news comes in just barely 3 months since a successfully concluded series A, that was led by Sequoia Capital India. An impressive feat, but even more impressive is the fact that this latest funding round comes just 6 months after seed funding, coming through Sequoia’s Surge start-up programme. Multiplier is without a doubt doing the right thing from operations to investor relations.
The push for global work and work culture
People with in-demand skills are increasingly harder to hire, due to concerns about their employers, the actual work, compensation and beliefs. This has led to an ongoing battle for talent, which has made the marketplace for talent quite competitive and with various shortages.
Coupling this with talent mobility restrictions kept in place by covid restrictions have made it even more challenging to find and hire qualified personnel. It is projected that by 2030, demand for skilled workers will outpace supply, resulting in a global talent shortage of more than 85.2 million people.
As a result, many organisations are opening up to the possibility of having distributed teams, tapping into the global talent market. Multiplier’s vision is dedicated to rebalancing the demand and supply of global talent, by assisting organisations in bridging their hiring deficits from a global talent pool.
“With this paradigm shift afoot, companies have recently realized that going global is the only way forward. Country borders shouldn’t hinder the search for the right people for the right roles. We are resetting the mantra that hiring people from abroad is a costly, time-consuming, and organizationally daunting effort.” said Sagar Khatri, CEO of Multiplier.
Founded in Singapore in 2020, Multiplier helps bypass the need for organisations to establish their legal entities to access talent in any country. Businesses using Multiplier can easily employ anyone in the world, anywhere. Multiplier’s proprietary technology simplifies the employment process by collectively managing the complexities of local compliance, labour contracts, payroll, benefits and taxes.
Multiplier also assists businesses that have their own entities in multiple geographies, helping them manage payroll for their employees. A key focus for Multiplier is providing health insurance coverage, a central provision in most standard benefits packages offered by businesses. Since the market is flooded with intermediaries, agents and brokers, the cost and the value offered become extremely important. This has seen Multiplier as the only company in its space to provide locally competitive, customizable and homogenous insurance to its customers.
Further growth for multiplier
Multiplier is adding newer features and fresh capabilities to its platform, including, allowing the self-registration of businesses and their ability to instantly send out offers, even in minutes. Moreover, Multiplier innovatively enabled stock ownership compensation to employees on its platform.
Currently, the team is working on rolling out the crypto-payroll features so businesses can pay their freelancers with cryptocurrencies.
“Multiplier is uniquely positioned to capitalize on the massive opportunity that lies ahead for them. We’re happy to be a long term partner as they are solving a deep pain point for businesses enabling them to employ and pay global talent effortlessly. We are particularly impressed with their product velocity and the speed of execution. We believe that the future of teams is global and Multiplier will the be operating system powering those teams.” commented John Curtis, Partner, Tiger Global.