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HR startup Remote valued at nearly $3 billion after SoftBank-led funding round

By Reuters

By Manya Saini

– Human resources technology platform Remote said on Tuesday it had raised $300 million in a funding round led by SoftBank Vision Fund 2, valuing the company at nearly $3 billion.

Founded in 2019, Remote counts software firm GitLab Inc, food-delivery company DoorDash Inc and payments firm Paystack among its customers.

The startup provides tools and services to help enterprises hire talent from across the world, manage their payroll and assist with regulatory compliance.

Remote intends to use the funds to invest in research and development of products, expand its payroll platforms and add new features to its premier service and benefits offering.

The outbreak of the COVID-19 pandemic has fast-tracked growth of companies such as Remote, which recently launched a support platform that helps employees with relocating internationally.

In October, remote-hiring company Deel raised $425 million at a valuation of $5.5 billion.

Remote’s latest fund raising comes less than a year after its $150 million series B round, bringing the total capital raised to $495 million since its inception.

Other investors in the series C round include venture capital firms Accel, Sequoia Capital, Index Ventures, Two Sigma Ventures and General Catalyst.