Multiplier, a global employment platform that helps companies employ and pay talent anywhere in the world compliantly, has today announced a $60m Series B funding round. This round was co-led by Tiger Global and Sequoia Capital India with participation from DST Global Partners. The new investment brings Multiplier’s total funding to $77.2m, taking their valuation to $400m.
This news comes in less than 3 months since Multiplier’s series A (led by Sequoia Capital India) and just 6 months after seed funding ( through Surge, the Sequoia Capital India start up programme) as the company scales globally. And testament to the growing popularity of the platform, Multiplier’s solution has been recognised and highly-rated in G2 and Capterra.
Founded in 2020, at the peak of the pandemic, the company has been solving the problem of global employment by allowing companies to tap into global talent pools effortlessly. “The talent shortage is real and the restrictions due to the pandemic accelerated it. Businesses are finding it hard to hire people with in-demand skills and have opened themselves to the possibility of distributed teams. Meanwhile, candidates have gotten picky about their employers, the actual work, compensation, benefits, flexibility and much more.
With this paradigm shift afoot, companies have recently realised that going global is the only way forward. Country borders shouldn’t hinder the search for the right people for the right roles. We are resetting the mantra that hiring people from abroad is a costly, time-consuming, and organisationally daunting effort.” said Sagar Khatri , CEO of Multiplier.
Multiplier eliminates the need for organisations to establish their own legal entities to access talent in any country. Businesses that use Multiplier can focus on employing anyone, anywhere in the world in minutes. The company works with customers from across the globe today, with its roots in the Asia Pacific region. Users can manage global payroll, provide benefits, insurance and tackle compliance with ease starting at $300 per employee per month and $40 per freelancer per month. In geographies where businesses have their own entities, Multiplier is helping companies manage payroll for their employees starting at $20 per employee per month.
A key focus for Multiplier is the provision of health insurance coverage, a central provision in most standard benefits packages. However, the market is flooded with intermediaries, agents and brokers, so the cost and the value offered becomes extremely important. Multiplier is the only company in the space to provide locally competitive, customisable and homogenous insurance to its customers starting at as less as $20 per employee per month which comes with a detailed factsheet to compare plans.
“With this new capital, Multiplier will be able to further accelerate its work towards expanding the global infrastructure, garnering meaningful partnerships and adding new capabilities to our platform. Additionally, we are also on a hiring spree, looking for an all-star team across countries, departments and levels, helping us pivot at scale and deliver premium experiences to our customers.” added Sagar Khatri.
Multiplier is doubling down its approach in terms of adding fresh capabilities to its platform. Businesses can now self-register on the platform and instantly send their candidates offer contracts in minutes, not days. They can also offer employee stock ownership plans to their employees. The team is also working on rolling out the crypto-payroll features so businesses can pay their freelancers with cryptocurrencies.
John Curtius, Partner, Tiger Global commented:
“Multiplier is uniquely positioned to capitalise on the massive opportunity that lies ahead for them. We’re happy to be a long term partner as they are solving a deep pain point for businesses enabling them to employ and pay global talent effortlessly. We are particularly impressed with their product velocity and the speed of execution. We believe that the future of teams is global and Multiplier will the be operating system powering those teams.”
Rohit Agarwal, Principal, Sequoia India commented:
“Today, founders and businesses are not constrained by borders in their thinking. This has been one of the most fascinating trends in the last couple of years and it’s a fundamental shift. Several founders across Asia are building for the world from day 1 and hiring from around the world from day 1. We believe globalisation 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.”
Multiplier has become the leading global employment solutions platform in a very short span, with customers across the globe from startups to listed enterprises. The founders believe that every company, regardless of location, deserves to have access to talented employees. The team is committed to democratising global employment and its mission of bringing the world’s potential to businesses of all sizes. Multiplier envisions a future in which every business is truly global.