Remofirst Comes out of Stealth, Announces $14.1 Million Fundraise to Fix Payroll for Remote-First Teams
Remofirst, an employer of record provider, today announced a $14.1 million Seed round - the largest of its kind in the industry.
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Nurasyl Serik, Co-founder and CEO at Remofirst (Photo: Business Wire)
The round was co-lead by two leading fintech investors - Mouro Capital and QED Investors - with participation from Counterpart Ventures.
Founded in 2021 by Nurasyl Serik and Volodymyr Fedoriv, Remofirst helps companies build global remote teams in 150 countries by allowing them to hire talent in countries where they do not have an entity. Remofirst's services include onboarding, payroll, benefits, taxes and local compliance.
Fueled by the global pandemic and a proliferation of tools for remote work, Remofirst CEO Serik is leveraging his product experience in building a payroll engine for an on-demand job search platform. Using his personal experience as a remote worker, Serik created a platform that allows companies and employees to work and hire from anywhere while staying on top of payroll and HR compliance globally with a few clicks.
While there are a number of existing players in the global HR space, Remofirst is the most cost-efficient provider which, Serik says, fills a crucial gap with current market conditions. It aims to make it simple for customers to understand what they are paying for and why, while also offering best-in-class customer support.
"We are passionate about helping our clients build global teams and we want to enable freedom of work," Serik said. "In order to make that a reality, we felt that it shouldn't be cost-prohibitive for companies to access local hiring tools, support and expertise around the globe. That is a core tenet of what we're building at Remofirst and the feedback from customers has roven we are onto something."
Remofirst has seen incredible traction since launching its initial product in early 2021, with an impressive client list including Fortune 500 companies and the best startups around the world. They also had zero customer churn within the first year indicating a great customer experience.
"Remofirst enables HR and finance managers to hire talent anywhere in the world and integrate them into their organization remotely in the most efficient and effective manner possible, while combining the latest fintech offerings with their global employer of record capabilities," said QED Investors Partner Yusuf Özdalga.
"At QED, we are very excited to lead Remofirst's Seed round, as we saw that the current propositions in the market left a massive opportunity for the right provider to come along with a modern tech-enabled product and a high level of customer support, all at a cost-efficient price point that could capture huge market share."
Remofirst raised a $275,000 pre-seed round in early 2021 and become fully profitable in less than a year. That early success and profitability helped drive significant investor interest and raise the largest seed round in just two months in a competitive and well-funded space.
"I was impressed by the speed of execution of Nur and the team, and the clarity of their competitive assessment. In a growing yet crowded space, I have no doubt Remofirst will emerge as a winner in the category," said Mouro Capital General Partner Manuel Silva Martínez.
Remofirst has recently expanded its leadership team with key industry hires and plans to announce its newest product update to improve prices even further by the end of the year.
About QED Investors
QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners' decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Bitso, ClearScore, Current, Creditas, Credit Karma, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly and SoFi. For more information, visit www.qedinvestors.com
About Mouro Capital
Mouro Capital is a venture capital firm backing entrepreneurs who are shaping the future of financial services. With $400 million in assets under management, Mouro invests across the fintech value chain in early to growth stage start-ups across Europe, North America and Latin America. Mouro has invested in companies such as iZettle (acquired by PayPal), Kabbage (acquired by American Express), Creditas, Curve, Ripple, Tradeshift, Trulioo and Upgrade. For more information, visit: www.mourocapital.com
Remofirst is a provider of employer of record services, founded in 2021 by Nurasyl Serik and Volodymyr Fedoriv. Remofirst helps companies build global remote teams in 150 countries by allowing them to hire talent in countries where they do not have an entity. Their services include onboarding, payroll, benefits, taxes and local compliance. For more information, visit www.remofirst.com
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