Remofirst has secured a significant victory in the HR tech arena. The company raised $25 million in a Series A funding round, a move that puts them head-to-head with notable competitors like Deel and Rippling. Heavyweight investors have shown confidence in Remofirst’s innovative approach and the funds raised will accelerate the consolidation of its platform, customer base expansion, enhancement of features, and attracting top-level talent.
The company stands out with a unique “employer of record” business model, directly employing staff and contractors from over 180 countries worldwide. This strategy reduces administrative burdens on companies, facilitating swift business expansion without compromising regional law compliance. Their pledged commitment to accelerating corporate growth while mitigating legal and fiscal risks is a prime attraction.
CEO and co-founder Nurasyl Serik, points out the time and assets saved by the regulatory compliance and efficiency of their model. By absorbing the complexities of international labor law, Remofirst enables businesses to divert their focus to growth and innovation, providing immediate cost savings and strategic long-term benefits.
Remofirst’s multifaceted role in recruitment extends far beyond payroll and tax management. They handle a variety of responsibilities, including employee equipment supply, compensation structures, medical benefits, and thorough background checks. Their focus on fostering a positive workplace and practicing transparent communication reflects their commitment to ensuring employee satisfaction and retention.
Notably, Remofirst reported a ten-fold increase in its annual recurring revenue since the previous funding round in 2022. A figure that heightened investor interest and led to a swift closure of the funding round. These promising results position Remofirst exceptionally well for the upcoming fiscal periods.
The Series A funding was made possible by substantial backing from European VC firm Octopus Ventures and contributions from incumbent investors QED, Mouro Capital, and Counterpart Ventures. This funding strategy showcases Remofirst’s appeal in the European venture capital landscape.
Distinguishing itself based on cost, Remofirst starts with a $199 monthly fee per employee, significantly lower than their rivals. This budget-friendly approach appeals to operations looking to optimize their processes without the financial strain often experienced with industry competitors.
With clients like the World Health Organization and Mastercard, Remofirst is looking to direct its newly acquired funds towards international expansion, particularly into the UK. This strategic move underscores Remofirst’s aims to cement their foothold in the global HR tech industry and ramp up further growth.
