SAN FRANCISCO–(BUSINESS WIRE)–Remofirst, an employer of record provider, today announced a $14.1 million seed round – the largest of its kind in the industry.
The round was led by two leading fintech investors – Mouro Capital and QED Investors – with the participation of Counterpart Ventures.
Founded in 2021 by Nurasil Serik and Volodymyr Fedoriv, Remofirst helps companies build global remote teams in 150 countries, allowing them to hire talent in countries where they don’t have a legal entity. Remofirst services include onboarding, payroll, benefits, tax and local compliance.
Influenced by the global pandemic and the proliferation of remote work tools, Remofirst CEO Serik uses his expertise to create a payroll engine for an on-demand job search platform. Using his personal experience as a remote worker, Serik has created a platform that allows companies and employees to work and hire from anywhere, staying on top of payroll and HR compliance worldwide with a few clicks.
While there are many players in the global HR space, Remofirst is the most cost-effective provider, which Serik says fills a significant gap in the current market environment. It aims to make it easy for customers to understand what they are paying for and why, and to offer best-in-class customer support.
“We are committed to helping our customers build global teams and want to provide freedom of operation,” Serik said. “To make this a reality, we believed that access to local recruitment tools, support and expertise around the world should not be prohibitively expensive for companies. This is the core principle of what we are building at Remofirst, and customer feedback has proven that we have achieved something.”
Remofirst has gained incredible popularity since launching its initial product in early 2021 with an impressive client list including Fortune 500 companies and top startups worldwide. They also had no customer churn within the first year, indicating a great customer experience.
“Remofirst enables HR and finance managers to recruit talent from anywhere in the world and integrate them into their organization remotely in the most efficient and effective way, while combining the latest fintech offerings with the record-breaking capabilities of a global employer,” said QED Investors partner Yusuf. Özdalga.
“At QED, we are very excited to lead Remofirst’s Seed, as we saw that the current offerings in the market leave a huge opportunity for the right supplier to come together with an advanced technological product and high level of customer support, all at a cost-effective price that could capture a huge market share.”
In early 2021, Remofirst raised $275,000 in a seed round and became fully profitable in less than a year. This 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, the clarity of their competitive assessment. In a growing but crowded space, I have no doubt that Remofirst will be a winner in this category,” said Mouro Capital General Partner Manuel Silva Martinez.
Remofirst has recently expanded its leadership team with key industry personnel and plans to announce a new product version to further increase pricing before the end of the year.
About QED Investors
QED Investors is a leading global venture capital firm based in Alexandria, Virginia. Founded by Nigel Morris and Frank Rothman in 2007, QED Investors is focused on investing in revolutionary financial companies around the world. QED Investors is committed to building great businesses and takes 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 that supports entrepreneurs who are shaping the future of financial services. With US$400 million in assets under management, Mouro invests across the fintech value chain in early-stage startups in 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 an employer services company founded in 2021 by Nurasil Serik and Volodymyr Fedoriv. Remofirst helps companies build global remote teams in 150 countries, allowing them to hire talent in countries where they don’t have a legal presence. Their services include onboarding, payroll, benefits, tax and local compliance. For more information, visit www.remofirst.com