Multiplier, a startup that allows companies to hire and pay remote workers while complying with local laws, today announced it has raised $60 million Series B at a $400 million valuation. The total investment of the multiplier, led by Tiger Global and Sequoia Capital India, in this round has reached $77.2 million since its inception in 2020. The multiplier raised a $13.2 million Series A from Sequoia Capital India just three months ago.
The money will be used to add additional features. For example, companies can now register on the platform and directly submit candidate contracts and offer employee shareholding plans. Multiplier is currently working on crypto payroll features that will allow employers to pay freelancers with crypto.
The startup’s flagship product is the Employer of Record (EOR) solution, which allows it to partner with clients, act as a legitimate employer for its employees, and ensure they comply with local labor and tax laws. To date, Multiplier has installed EWC in more than 150 countries. Multiplier customers can pay their employees through a Professional Employer Organization (PEO) solution that helps them manage payroll, benefits, and expenses. The company’s services start at $300 per employee per month or $40 per freelancer per month. If a company already has a local division, Multiplier can help them manage payroll for $20 per month per employee.
Some companies that use multiples to support their global payroll and compliance include Amazon, ServiceNow, and Graphisoft.
In a prepared statement, Sequoia India CEO Rohit Agarwal said, “Founders and companies today are not limited in their thinking. This is one of the hottest trends of recent years and a fundamental change. Many founders in Asia have been building the world from day one by hiring people from all over the world from day one. We believe that the globalization of the workforce is one of the most exciting trends of the next decade, and we are excited to see Multiplier seamlessly reversing this change for hundreds of companies and thousands of employees. ,