Omnipresent Raises $15.8M Series A to Simplify Global Remote Hiring
Omnipresent, a company facilitating the employment of remote teams across the globe, has successfully completed a $15.8 million Series A funding round. This investment was spearheaded by an investor who wishes to remain anonymous, and included contributions from existing backers Episode 1, Playfair Capital, and Truesight Ventures. The company announced the closure of this funding just five months following its $2 million seed round secured in July 2020.
The company was founded by Matthew Wilson and Guenther Eisinger, who initially developed the concept while participating in the Entrepreneur First program in London during 2019.
According to Omnipresent, their platform significantly reduces the expenses associated with remote recruitment, offering a cost-effective alternative to companies managing the process independently. They achieve this by providing compliant employee onboarding in 150 different countries, handling local contracts, tax payments, and a range of benefits – both local and international – including health coverage, retirement plans, and equity options.
In a combined statement, Guenther Eisinger and Matthew Wilson, the co-CEOs of Omnipresent, explained: “We understood the transformative possibilities of removing the legal and administrative obstacles to international employment even prior to the pandemic. Having personally managed businesses, we were acutely aware of the difficulties involved in navigating the complexities and bureaucratic processes of building international teams. The recent pandemic and the widespread adoption of remote work have validated our approach.”
Wilson explained in an interview: “As an example, in Canada, we establish a Canadian legal entity and enter into a direct employment agreement with the individual located in Canada, acting on behalf of our client. This eliminates the need for our client to establish any legal framework within Canada, or indeed any of the 149 other countries where we provide services. We then oversee all ongoing administrative aspects of the employment relationship, encompassing HR functions, employee benefits, and access to healthcare, if desired.”
Omnipresent operates in a competitive market alongside companies such as Remote.com and Boundless HQ.
Carina Namih, a general partner at Episode 1 Ventures, stated: “While talent is globally abundant, opportunities have historically been unevenly distributed. I have personally encountered the challenges of international hiring. Omnipresent is rapidly becoming a vital component of the infrastructure supporting global teams operating across numerous countries.”
Joe Thornton, general partner at Playfair Capital, added: “The future of work is undeniably remote. Companies that embrace this shift will quickly gain a substantial competitive edge, benefiting from increased workforce productivity, higher employee satisfaction, and access to a broader, more diverse talent pool.”
Omnipresent reports that their own employer surveys indicate that over 85% of companies anticipate utilizing remote or international employees in 2021.
