Remote work platform Multiplier raises $60M Series B at $400M valuation – TechCrunch

Multiplier, a startup that permits firms to rent and pay distant employees whereas complying with native legal guidelines, introduced immediately that it has raised a $60 million Sequence B at a valuation of $400 million. The spherical was co-led by Tiger International and Sequoia Capital India, and brings Multiplier complete funding because it was based in 2020 to $77.2 million. Multiplier raised a Sequence A of $13.2 million from Sequoia Capital India simply three months in the past. 

The funds might be used so as to add extra options. For instance, companies can now self-register on the platform and immediately ship candidates contracts and supply worker inventory possession plans. Multiplier is presently engaged on a crypto-payroll options that may permit employers to pay freelancers with cryptocurrencies.  

The startup’s foremost product is an Employer of Report (EOR) answer that enables it to accomplice with purchasers, appearing because the authorized employer of their staff and enabling them to adjust to native labor and tax legal guidelines. Up to now, Multiplier has EORs arrange in additional than 150 international locations. Multiplier’s purchasers pays their staff via its skilled employer group (PEO) answer, which helps them handle payroll, advantages and bills. The corporate’s providers begin at $300 per worker per 30 days or $40 per freelancer per 30 days. If an organization already has its personal native entity, Multiplier may help them handle payroll for $20 per worker a month. 

Some firms that use Multiplier to help their world payroll and compliance embody Amazon, ServiceNow and Graphisoft.

In a ready assertion, Sequoia India principal Rohit Agarwal stated, “Right now, founders and companies are usually not constrained by borders of their considering. This has been one of the fascinating traits within the final couple of years and it’s a basic shift. A number of founders throughout Asia are constructing for the world from day 1 and hiring from world wide from day 1. We consider globalization of the workforce is without doubt one of the most fun traits of the following decade and are thrilled to see Multiplier facilitate that shift seamlessly for lots of of firms and 1000’s of staff.”