HRtech startup Omnipresent has closed a €12.3 million Series A funding round just five months after it’s seed round. The funding will be used to continue to grow the company’s share of the international employment market as the world shifts to remote work post-2020. The round was led by an undisclosed investor with participation from existing investors, Episode 1, Playfair Capital and Truesight Ventures.
Since the outbreak of COVID-19 the world has witnessed an unprecedented global shift towards remote working. A Gartner survey of company leaders found that 80% plan to allow employees to work remotely at least part of the time after the pandemic, and Omnipresent’s own employer surveys showed that over 85% of employers will be employing remote or international employees in 2021.
“While talent is evenly distributed around the world, for too long, opportunities have not been. I have experienced first hand the challenge of hiring globally. When I was a CEO attempting to grow a team across different jurisdictions I was dismayed by the baroque complexity and lack of affordable tech-driven solutions,” said Carina Namih, General Partner at Episode 1 Ventures.
London-based Omnipresent is the answer to this problem. By acting as the local employer in every country, Omnipresent helps companies employ local teams worldwide at a fraction of the cost of doing the legwork themselves. With the use of a simple tech-enabled platform, companies can onboard employees compliantly in 150 countries, providing employees with local contracts, tax contributions, and local and international benefits such as health insurance, pensions and equity options.
“Remote work undoubtedly represents the future of the modern workforce. The sooner companies adapt, the sooner they will reap the massive competitive advantage associated with a globally distributed workforce, including increased workforce productivity and satisfaction and a larger and more diverse pool of talent from which to recruit workers ” said Joe Thornton, General Partner at Playfair Capital.
Having started the business whilst part of leading talent investor Entrepreneur First’s London cohort in 2019, Matthew Wilson and Guenther Eisinger founded the business on the strong conviction in the transformative power of global distributed teams before the pandemic accelerated the behavioural change. They raised a seed round in July 2020 to build a team and extend Omnipresent’s international coverage to 80 countries by the end of 2020.
Carina Namih also noted: “It comes as no surprise to me that this Series A round is happening hot on the heels of their seed round that we led just 5 months ago. Omnipresent has already become a crucial piece of infrastructure for global teams working across different countries. The team is passionate about delighting users and their pace of execution has been extraordinary. In just a matter of months they have exceeded their ambitious targets and have scaled to cover over 150 countries and rolled out a powerful product that clients are evangelical about.”
With its Series A investment secured, Omnipresent is well positioned to continue its leadership in shaping the future of global employment.