RemotePass raises $5.5 million to enable businesses to hire and manage remote workers

🌍 Say hello to RemotePass! A UAE-based HRtech platform that enables companies to easily hire, onboard, manage and pay remote teams globally.

And, they've just secured $5.5 million in Series A funding!

• Launched in 2020 by Kamal Reggad and Karim Nadi, the startup facilitates hiring contractors and full-time employees in more than 150 countries.

💰 Investor lowdown: The round was led by Istanbul-based 212 VC. Other participating investors include Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15 and the Swiss Founders Fund.

• BECO Capital led a pre-series A round in 2021 that included Wamda Capital, Khawarizmi VC, Flat6Labs, and Wealth Well to fund geographical expansion.

🏝️ Feeling remote  

As remote work becomes increasingly popular, companies globally are adapting, especially regarding onboarding procedures for new employees and navigating cross-border payment complexities.

This shift has led to a surge in demand for startups that provide HR, payroll and compliance tools for remote hiring.

⛵️ Smooth sailing

RemotePass aims to address the complexities of different countries and currencies, as well as the laws associated with financial services, by allowing businesses to onboard, pay, and manage their employees on one platform.

• Two years after its launch, RemotePass claims to have grown 35% month after month and doubled revenue between 2022 and 2023, primarily through referrals.

⚙️ Break it down

RemotePass generates revenue through a subscription model:

• The fee for engaging contractors is $40/month per active contractor.
• Subscription costs for hiring full-time employees range from $299 to $699/month each, varying by country and immigration or relocation needs.

The platform currently requires employer setup for contractors and full-time employees, aims to allow independent user access soon, potentially opening a new revenue stream.

🔮 Flashforward

RemotePass will use the fresh funds to improve its product's enterprise readiness, expand in Saudi Arabia by onboarding more businesses, and boost efforts towards product localisation.

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