This two-year-old company saw its revenue grow by 25X during 2021; raises €108.7M from Kinnevik, Tencent, others

London-based Omnipresent, a startup that provides a human resource and onboarding platform to help companies hire remote-working local teams worldwide, announced on Tuesday that it has raised $120M (nearly €108.74M) in a Series B round of funding. 

The amount includes a pre-Series B round in the second half of 2021 and follows Seed (£1.5M) and Series A (£11M) rounds in April, 2020, and December, 2020, respectively.

Series B investors

The current round was led by European growth investor Kinnevik and China-based technology company Tencent. Uncorrelated Ventures, a San Francisco-based investor, also participated, rounding out an investor list from Asia, Europe and America.

Tencent and Kinnevik say they believe that the future of work is global, and to win, businesses need to stay ahead of the curve. Omnipresent’s global employment solutions equip companies with the tools they need to take advantage of these emerging trends and operate internationally.

Ola Nordbye, Investment Director at Kinnevik, says, “Where Omnipresent sets itself apart is its expert understanding of local differences in a globalised world. We have seen the benefits of its platform first-hand; companies are scaling their operations into new markets in ways they simply couldn’t achieve without Omnipresent’s support. The business model is differentiated, and we believe the team they’ve built is uniquely strong and can deliver on the vast market opportunity. We are very excited to partner with them in this next phase of their journey as they continue to scale and forge ahead globally.”

Capital utilisation

Omnipresent claims that the proceeds will help build its new products and services, and achieve customer growth and geographic expansion. The startup will also add several hundred new members to its diverse and distributed team, who work remotely from around the world. 

As the startup is building a range of complex products that require investment in engineering and subject matter expertise, it says its focus will be to recruit tech talent in order to accelerate and streamline its product expansion.‍

The two-year-old startup saw its team grow by 10X and revenue grow by 25X during 2021. 

Matthew Wilson, Omnipresent’s co-founder and co-CEO, says, “The world is seeing a tectonic shift in the way businesses work and hire: from local-first to global and remote-first. Omnipresent is catalysing and accelerating this change. Every day, we see companies gaining from a global pool of the best talent, and employees benefiting from new access to career opportunities worldwide – regardless of where they live.”

A SaaS-based global employment partner

Founded in 2019 by Guenther Eisinger and Matthew Wilson, Omnipresent’s approach is to act as the legal employer on behalf of its clients in every country. Its platform allows companies to onboard new hires compliantly worldwide, providing them with local contracts, tax contributions and competitive benefits, such as health insurance, pensions and paid leave.

Guenther Eisinger says, “At a time when companies need to secure the best talent, they’re looking to benefit from the quality and diversity of a global workforce. But there are challenges to operating globally, from dealing with local labour laws to payroll taxes and employee benefits. Omnipresent helps solve these complexities and acts as a partner to help companies go global-first. We are here to provide the expertise, support, and guidance they need to be able to hire international talent located anywhere in the world.”

“Employers are no longer relying on their local area for the talent they need to grow their businesses. It’s critical they have the best personnel in place to get that competitive advantage required for success. Our platform allows clients to tap into our local employment expertise for stress-free, efficient, and streamlined management of their global teams,” he adds.

As a global employment partner, Omnipresent’s platform and SaaS product can manage employee onboarding through to offboarding in more than 160 countries and regions worldwide, handling compliance, payroll, expenses, benefits, and more. Currently, the startup has a team of more than 230 people distributed in more than 40 countries.