Global employment platform Multiplier has closed its Series B funding round on $60m, which brings its valuation to $400m.
The investment was co-led by Tiger Global and Sequoia Capital India, with commitments also coming from DST Global Partners.
Funds from the round will be used to add new capabilities to its platform, form partnerships and expand its global infrastructure.
Founded in 2020, the company was created to solve the problem of global employment by enabling companies to tap into global talent pools.
Multiplier CEO Sagar Khatri said, “The talent shortage is real and the restrictions due to the pandemic accelerated it. Businesses are finding it hard to hire people with in-demand skills and have opened themselves to the possibility of distributed teams.
“Meanwhile, candidates have gotten picky about their employers, the actual work, compensation, benefits, flexibility and much more.”
As a result, companies are looking cross borders to fill their teams, which is where Multiplier helps. Khatri added, “Country borders shouldn’t hinder the search for the right people for the right roles.”
The FinTech platform eliminates the need for organisations to have their own legal entities when hiring across borders. A business can leverage the platform to manage global payroll, provide benefits, insurance and tackle compliance. Its pricing starts at $300 per employee, per month, with it costing $40 per freelancer per month.
One of its focuses is offering health insurance coverage, which is in most standard benefit packages. It claims to be the only company in the space that offers locally competitive, customisable and homogenous insurance to customers.
With the close of the round, the company has raised a total of $77.2m. The fresh investment comes just three months after its Series A round and six months after its seed round.
Sequoia India principal Rohit Agarwal said, “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 one and hiring from around the world from day one. We believe globalisation 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 companies and thousands of employees.”
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