Multiplier, a startup that allows companies to hire and pay remote workers while complying with local laws, announced today that it has raised $ 60 million Series B to $ 400 million. The round is led by Tiger Global and Sequoia Capital India, and brings Multiplier’s total investment since it was founded in 2020 to $ 77.2 million. Series A Multiplier raised $ 13.2 million from Sequoia Capital India just three months ago.
Funds will be used to add more features. For example, businesses can now register themselves on the platform and instantly send contracts to candidates and offer employee stock ownership plans. Multiplier is currently working on a crypto-payroll features that will allow employers to pay freelancers using cryptocurrencies.
The main product of the startup 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 laws. labor and taxes. So far, Multiplier has EORs set up in more than 150 countries. Multiplier clients can pay their employees through a professional employer organization (PEO) solution, which helps them manage payroll, benefits, and costs. Company 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 boundaries in their thinking. This is one of the most fascinating trends in the past. that’s been a few years and it’s been a major change.Several founders across Asia are building for the world from day one and drawing from around the world from day 1. We believe that workforce globalization is one of the most exciting trend over the next decade and they are excited to see Multiplier facilitate that change seamlessly for hundreds of companies and thousands of employees. ”