News: Tencent-backed startup Omnipresent raises $120Mn

Funding & Investment

Tencent-backed startup Omnipresent raises $120Mn

The startup that helps to hire staff intends to use some of the proceeds to hire several hundred people to meet rising demand.
Tencent-backed startup Omnipresent raises $120Mn

Omnipresent, the SaaS-based global employment startup, has raised $120 million in its Series B funding round. The amount includes a pre-Series B round in the second half of 2021 and follows seed and Series A rounds in April 2020 and December 2020.

This investment round was led by Kinnevik, a leading European growth investor, and Tencent, a global leading technology company. Uncorrelated Ventures, a San Francisco-based investor, also participated, rounding out an investor list from Asia, Europe, and America. 

The two-year-old company saw its team grow 10 times and revenue grow 25 times during 2021. This year, the fully remote company plans to hire several hundred more people to meet the demand for its global employment platform, according to a release from the company.

“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, Omnipresent Co-founder and Co-CEO. “Omnipresent is catalysing and accelerating this change. Every day, we see companies gaining from a global pool of the best talent, and employees benefiting from new access to career opportunities worldwide - regardless of where they live.” 

Tencent and Kinnevik believe the future of work is global, and to win, businesses need to stay ahead of the curve. Omnipresent’s global employment solutions equip companies with the tools they need to take advantage of these emerging trends and operate internationally. 

“Where Omnipresent sets itself apart is its expert understanding of local differences in a globalized world,” said Ola Nordbye, Investment Director at Kinnevik. “We have seen the benefits of its platform first-hand.  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.”

Proceeds from the current investment will be used to help build out Omnipresent’s new products and services, customer growth, and geographic expansion. The company will also add several hundred new members to its diverse, distributed team, who work remotely from around the world. 

Omnipresent is building a range of complex products that require investment in engineering and subject matter expertise across many jurisdictions. Therefore, the company will focus its recruitment drive on tech talent to accelerate and streamline product expansion.

Omnipresent’s approach is to act as the legal employer on behalf of its clients in every country. Its easy-to-use, tech-enabled platform allows companies to onboard new hires compliantly worldwide, providing them with local contracts, tax contributions, and competitive benefits, such as health insurance, pensions, and paid leave. 

Launched in 2020, Omnipresent is a fully remote company co-founded by Matthew Wilson and Guenther Eisinger.  The company raised more than US$17.25M in seed and Series A funding and scaled from two co-founders to a team of more than 130 people serving clients in 155 countries in a little more than a year.

Read full story

Topics: Funding & Investment, #Hiring

Did you find this story helpful?



How do you envision AI transforming your work?

Be Heard: Share Your Feedback and Recommend Our Content!

Selected Score :