RemotePass secures $5.5 million in Series A to scale its operations in Africa. The funding round was spearheaded by 212 VC, with additional participation from Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15, and the Swiss Founders Fund.
RemotePass Secures $5.5 Million in Series A
Following a pre-series A round led by BECO Capital in 2021, which saw participation from Wamda Capital, Khawarizmi VC, Flat6Labs, and Wealth Well, RemotePass has recently garnered attention with its latest development. Founded in 2020 by Kamal Reggad (CEO) and Karim Nadi, RemotePass originally emerged as SafarPass, offering a SaaS platform tailored for business travel and expense management. However, a year prior to its official launch, the platform underwent rebranding and emerged as RemotePass, focusing on facilitating remote work arrangements for businesses globally.
What You Need To Know About RemotePass’s Platform
RemotePass’s platform facilitates seamless hiring and management of remote workers, catering to clients like Spotify and Logitech, and extending its services to individuals seeking employment opportunities in over 150 countries. The startup’s core mission revolves around addressing the intricate challenges associated with diverse global landscapes, including varying regulatory frameworks, currencies, and financial services laws, by empowering businesses to efficiently onboard, compensate, and oversee their distributed workforce.
RemotePass Exponential Growth since Its Inception
Within two years of its inception, RemotePass witnessed exponential growth, boasting a reported monthly increase of 35% and doubling its revenue from 2022 to 2023, largely driven by organic referrals. In April 2023, the company further diversified its offerings by introducing a dollar debit card feature within the RemotePass app, allowing users to securely hold funds in USD. Additionally, RemotePass extends comprehensive services such as insurance, Employer of Record (EoR) solutions, and relocation assistance to its corporate clientele.
How RemotePass Operates
RemotePass operates on a subscription-based model, charging businesses $40 per month for each active contractor and varying between $350 to $699 per month for full-time employees, depending on factors such as location, immigration requirements, and relocation needs.
What RemotePass Aims To Achieve With This Recent Injection of Funds
With the recent injection of funds, RemotePass aims to enhance the enterprise readiness of its platform, with a particular focus on expanding its presence in Saudi Arabia by onboarding additional businesses. Moreover, the company intends to intensify its efforts in product localization to better cater to diverse market needs.
RemotePass Position within a Burgeoning Market
RemotePass underscores its position within a burgeoning market, noting that a substantial 73% of working Africans express a preference for remote work. Furthermore, the company highlights a remarkable 800% year-on-year increase in the number of tech and remote companies recruiting in Africa in 2022, according to surveys.
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