Multiplier, an emerging Startup that enables companies to hire and pay remote workers while complying with local laws, announced that it has raised 60 million dollars in Series B at a valuation of 400 million dollars. The round was co-led by Tiger Global and Sequoia Capital India, and brings Multiplier total investment since it was founded in 2020 to 77.2 million dollars. Multiplier also raised a Series A of 13.2 million dollars from Sequoia Capital India three months ago.
The new funding will be used to add more features. For example, businesses can now self-register on the platform and instantly send candidates contracts and offer employee stock ownership plans. Multiplier is currently working on crypto-payroll features that will allow employers to pay freelancers with cryptocurrencies.
The Startup’s main product 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 labor and tax laws. So far, Multiplier has EORs set up in more than 150 countries. Multiplier’s clients can pay their employees through its professional employer organization (PEO) solution, which helps them manage payroll, benefits and expenses. The company’s services start at 300 dollars per employee per month or 40 dollars per freelancer per month.
Some of the biggest companies that use Multiplier to support their global payroll and compliance include Amazon, ServiceNow and Graphisoft.
“Today, founders and businesses are not constrained by borders in their thinking. This has been one of the most fascinating trends in the last couple of years and it’s a fundamental shift. Several founders across Asia are building for the world from day 1 and hiring from around the world from day 1. We believe globalization of the workforce is one of the most exciting trends of the next decade and are thrilled to see Multiplier facilitate that shift seamlessly for hundreds of Multiplier: The HR tech Startup paves the way for an entirely remote labor market and thousands of employees.”, stated Sequoia India principal Rohit Agarwal.