Neville Lahiru
Singapore-based remote work platform Multiplier has raised USD 60 million in Series B funding, putting the company at a USD 400 million valuation. The round of funding was led by Tiger Global and Sequoia Capital India and tallies the company’s total investment to USD 77.2 million to date.
According to Co-founder Sagar Kharti, the funding will enable Multiplier “to further accelerate its work towards expanding the global infrastructure, garnering meaningful partnerships and adding new capabilities to our platform” as the company looks to bolster its hiring efforts and add more features to its platform.
What’s Multiplier?
Founded in 2020, Multiplier is an HR tech platform that facilitates remote hires and compensation-related matters for global companies while keeping with the relevant local laws. It’s a platform that aims to take care of payroll, taxes, social contributions, and local insurance policies pertaining to companies that employ a global workforce. It does this through Multilier’s primary offering, its Employer of Record (EOR) solution along with its People Employer Organization (PEO) product.
Its services start at USD 300 per employee per month or USD 40 per freelancer per month. Currently serving over 150 countries, Multiplier’s clientele includes the likes of Amazon, ServiceNow, Graphisoft, and THX among others.
Recently, the company added new functionalities such as allowing businesses to self-register on the platform and send candidates contracts in minutes while also offering employee stock ownership plans. Multiplier is also working on a crypto-payroll feature that will enable businesses to pay freelancers via cryptocurrencies.
Building its footprint in Sri Lanka
Multiplier itself is a fully distributed company with a growing engineering team across India, Singapore, Vietnam, Switzerland, Serbia, and Sri Lanka. Speaking to ReadMe, Hiraash Thawfeek, CTO at Multiplier and originally from Sri Lanka himself (previously Co-founder and CTO at Creately), mentions that the hope for 2022 is to build an engineering team north of 150 headcount. The idea is to build the team across various locales in Europe, Middle East, Africa, and the APAC region. Multiplier is keen on making the Sri Lankan footprint a significant part of this expansion effort.
Currently actively hiring, the company hosts a fast-growing small team from Sri Lanka with hopes of attracting more local talent. “We are looking to hire a widespread of engineering roles in Front End, Back End, DevOps and Data with levels spreading out from junior engineers to middle management, ideally who have some exposure in building SaaS products”, says Thawfeek. He further adds, “Sri Lanka is a strategic location for us and I am well acquainted with the high quality of talent Sri Lanka has to offer. We are looking to establish a stronger presence of our Engineering team.”
The future is remote
Global appeal for deploying a remote and distributed workforce has been steadily on the rise over the past few years with the pandemic accelerating the demand. In the US alone, online searches for remote jobs between June 2019 and June 2021 have skyrocketed by 460%. In general, the share of paid jobs offering remote work nearly doubled at the end of 2021. In this backdrop of increasing demand for remote-based solutions, Multiplier is one of the more recent players in the market to receive financial backing to expand its efforts.
“We believe globalization 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”, comments Sequoia Capital India principal Rohit Agarwal on Multiplier’s latest round of funding.
GIPHY App Key not set. Please check settings