Pandemic restrictions may be winding down in many locales. But nonetheless, one big trend of the COVID era—the rise in remote hiring—remains resilient.
As more companies rely on distributed teams, startups offering tools to help with recruiting, onboarding, payment, compliance and collaboration have raised considerable sums in the past few quarters. And investment continues to flow to the space.
On Tuesday, the latest large funding round announcement came from Omnipresent, a provider of tools for managing payroll and compliance for international teams. The London-headquartered company pulled in $120 million in a Series B funding round led by Kinnevik AB and Tencent.
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Founded in 2019, Omnipresent has presided over exceptionally fast growth. In 2021, the company said its revenue grew 25x and its team by 10x. It now employs more than 230 people distributed across more than 40 countries.
Omnipresent’s big round comes as money is pouring into human resource tech like never before. Total venture dollars invested hit nearly $9.2 billion in 2021, per Crunchbase data. That’s more than the totals for 2019 and 2020 combined.
Meanwhile, 2022 is off to a brisk start as well, with $2.46 billion invested. In recent months, we’ve seen a number of deals in the multiple hundreds of millions as well. Standouts include:
- San Francisco-based payroll and compliance platform Deel closed a $425 million Series D led by Coatue at a $5.5 billion valuation in October;
- Paris-based Payfit, a provider of automation tools for payroll and other HR tasks, raised $280 million in a January Series E round;
- Munich-based people workflow automation company Personio, raised a $270 million Series E led by Greenoaks at a $6.3 billion valuation, also in October;
- San Francisco-based payroll and benefits platform Rippling closed a $250 million Series C led by Sequoia Capital Global Equities and Global Growth at a $6.5 billion valuation in October;
- New York-based workforce management platform Papaya Global locked down a $250 million Series D led by Insight Partners at a $3.7 billion valuation in September; and
- San Francisco-based background-check automation firm Checkr raised a $250 million Series A led by Durable Capital valuing it at $4.6 billion, also in September.
Illustration: Dom Guzman
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