Multiplier, a startup that allows companies to hire and pay remote employees while complying with local laws, today announced that it has raised $60 million Series B at a valuation. 400 million dollars. The round is co-led by Tiger Global and Sequoia Capital India and brings Multiplier’s total investment since its inception in 2020 to $77.2 million. The multiplier increases a Series A worth $13.2 million from Sequoia Capital India just three months ago.
This money 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 stock ownership plans to employees. Multiplier is currently working on crypto payroll features that will allow employers to pay freelancers in crypto.
The startup’s key product is its Employer of Record (EOR) solution that allows it to partner with customers, act as the legal employer of employees and enable them to comply with employment and tax laws. local. To date, Multiplier has established EORs in more than 150 countries. Multiplier customers can pay their employees through a professional employer organization (PEO) solution that helps them manage payroll, benefits and expenses. The company’s services start at $300 per employee per month or $40 per freelancer per month. If a company already has its own local organization, Multiplier can help them manage payroll for as little as $20 per employee a month.
Some of the companies that use Multiplier to support their global payroll and compliance include Amazon, ServiceNow, and Graphisoft.
In a prepared statement, Rohit Agarwal, principal of Sequoia India said, “Today, founders and entrepreneurs are not bound by borders in their thinking. This is one of the hottest trends of the past few years, and it’s a fundamental shift. Several founders across Asia are building for the world from day one and recruiting from all over the world from day one. We believe workforce globalization is one of the most exciting trends of the next decade and are delighted to see the Multiplier facilitate that change on an ongoing basis for hundreds of companies and thousands of companies. Staff. ”
