Omnipresent Raises $120M to Build Global Teams
Omnipresent, a technology company that provides a software-as-a-service platform to help businesses hire people around the globe, announced on March 22 that it raised $120 million from investors.
The latest investment was led by European investment firm Kinnevik and China-based tech and entertainment conglomerate Tencent. San Francisco-based Uncorrelated Ventures also invested.
Co-CEOs Matthew Wilson and Guenther Eisinger founded Omnipresent in 2019, raising a total of $17.8 million before this latest funding round, according to Crunchbase. The company plans to use the new funding to develop new products, grow its customer base and hire "several hundred" more people to take advantage of the rise of remote work and international hiring.
"The world is seeing a tectonic shift in the way businesses work and hire: from local-first to global- and remote-first,” said Wilson in a press release statement. “Every day, we see companies gaining from a global pool of the best talent, and employees benefiting from new access to career opportunities worldwide, regardless of where they live.”
Hiring, Onboarding and Payroll for Global Talent
Given that each country has its own laws and regulations around hiring and pay, implementing a global workforce strategy can be time-consuming and require expertise that many companies may not have. In some cases, companies also need to register as an employer of record in the country in which they hire. Omnipresent helps businesses hire, onboard and pay people in 160 countries by acting on behalf of clients as the legal employer of record, similar to a professional employer organization (PEO).
"At a time when companies need to secure the best talent, they’re looking to benefit from the quality and diversity of a global workforce,” said Eisinger in a press statement. “But there are challenges to operating globally, from dealing with local labor laws to payroll taxes and employee benefits."
Learning Opportunities
Omnipresent provides clients with a dashboard and platform to onboard new hires compliantly, and provide them with local contracts, tax contributions and benefits such as health insurance, pensions and paid leave. With approximately 230 employees in more than 40 countries, the company plans to use this latest round of funding to hire technology workers to accelerate its product development pipeline.
Growing Market for Remote and Global Hiring
Omnipresent isn't the only company to see opportunity in the rise of remote work and what it means for global hiring.
Tech startup Remote raised $150 million in July 2021 and hit a valuation of more than $1 billion. In September 2021, New York City-based Andela netted $200 million from investors to help companies build global software engineering teams. Firstbase raised $15 million in a Series A round to help companies make the shift from in-office work to remote.
According to data from Emsi/Burning Glass, the percentage of remote positions doubled over the course of a few months after the pandemic hit in early 2020. The number of remote positions have since tripled, according to their analysis. A 2020 study by freelance hiring platform Upwork indicated that as much as 22% of the American workforce will be remote by 2025.
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About the Author
Mike Prokopeak is editor in chief at Reworked, the premier publication covering the r/evolution of work, where he leads content development focused on the transformation of the workplace.
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