RemotePass, a UAE-based startup, has secured $5.5 million in Series A funding led by 212 VC, with participation from other investors like Endeavor Catalyst and A15. This funding aims to support the company’s expansion efforts and operational scalability, following a previous round in 2021 for geographical expansion.
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With the newly acquired funding, RemotePass aims to enhance the enterprise readiness of its product, expand its presence in Saudi Arabia by onboarding more businesses, and focus on product localization efforts. The company remains optimistic about its prospects in a market where remote work is gaining traction, with a significant portion of the African workforce expressing a preference for remote employment.
RemotePass initially operated under the name SafarPass, offering a SaaS platform for business travel and expense management. It later rebranded to RemotePass, focusing on facilitating remote workforce management for businesses worldwide. The platform caters to clients such as Spotify and Logitech, facilitating work opportunities across more than 150 countries.
RemotePass addresses the intricacies of global employment by streamlining processes related to onboarding, payment, and management of remote employees. Its comprehensive approach encompasses handling various currencies, compliance with financial regulations, and navigating legal frameworks associated with international employment.
Since its inception, RemotePass has witnessed rapid growth, boasting a reported 35% month-over-month expansion and doubling its revenue from 2022 to 2023, primarily driven by referrals. The startup introduced additional features like a dollar debit card for holding funds in USD, insurance, Employer of Record (EoR), and relocation services to cater to the evolving needs of its clientele.
Revenue generation for RemotePass is primarily through subscription models, with companies paying $40 per month for each active contractor and $350 to $699 per month for full-time employees, contingent on factors such as country-specific requirements and immigration processes.
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