Remote work platform: Multiplier raises $60M in Series B at $400M valuation via Tiger Global and Sequoia Capital India

• ByStartupStory     |    March 17, 2022

A startup that enables companies to hire and pay remote workers while complying with local laws, Multiplier, today announced its raise of $60 million in Series B at a valuation of $400 million. The round was co-led by Tiger Global and Sequoia Capital India, and brings Multiplier total investment to $77.2 million, since it was founded in 2020.  Just three months ago, Series A of $13.2 million was raised by Multiplier from Sequoia Capital India. 

In order to add more features the funds will be used. For example, self-register can now be done by businesses on the platform and contracts can be sent instantly to the candidates and employee stock ownership plans can be offered. A crypto-payroll feature is currently being worked on by the Multiplier that will allow employers to pay freelancers with cryptocurrencies.  

An Employer of Record (EOR) solution, is the main product of the startup that allows it to partner with clients, act as the legal employer of their employees and enable them to comply with local labor and tax laws. So far, EORs have been set up in more than 150 countries by Multiplier. Through its professional employer organization (PEO) solution, their employees can be paid by the Multiplier’s clients, which will help them manage payroll, benefits and expenses. 

Services of the company start at $300 per employee per month or about $40 per freelancer per month. Multiplier can help its own local entity manage payroll for $20 per employee a month. Amazon, ServiceNow and Graphisoft are some companies that use Multiplier to support their global payroll and compliance.

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