Multiplier, a global employment platform, that helps companies employ and pay talent anywhere in the world compliantly, has today announced a $60m Series B funding round. This round was co-led by Tiger Global and Sequoia Capital India with participation from DST Global Partners. The new investment brings Multiplier’s total funding to $77.2m, taking their valuation to $400m.
This news comes in less than three months since Multiplier’s series A (led by Sequoia Capital India) and just six months after seed funding ( through Surge, the Sequoia Capital India start up programme) as the company scales globally. And testament to the growing popularity of the platform, Multiplier’s solution has been recognised and highly-rated in G2 and Capterra.
Founded in 2020, at the peak of the pandemic, the company has been solving the problem of global employment by allowing companies to tap into global talent pools effortlessly. “The talent shortage is real and the restrictions due to the pandemic accelerated it,” said Sagar Khatri, CEO of Multiplier. “Businesses are finding it hard to hire people with in-demand skills and have opened themselves to the possibility of distributed teams. Meanwhile, candidates have gotten picky about their employers, the actual work, compensation, benefits, flexibility and much more. With this paradigm shift afoot, companies have recently realised that going global is the only way forward. Country borders shouldn’t hinder the search for the right people for the right roles. We are resetting the mantra that hiring people from abroad is a costly, time-consuming, and organisationally daunting effort.”
Multiplier eliminates the need for organisations to establish their own legal entities to access talent in any country. Businesses that use Multiplier can focus on employing anyone, anywhere in the world in minutes. The company works with customers from across the globe today, with its roots in the Asia Pacific region. Users can manage global payroll, provide benefits, insurance and tackle compliance with ease starting at $300 per employee per month and $40 per freelancer per month. In geographies where businesses have their own entities, Multiplier is helping companies manage payroll for their employees starting at $20 per employee per month.
“With this new capital, Multiplier will be able to further accelerate its work towards expanding the global infrastructure, garnering meaningful partnerships and adding new capabilities to our platform,” added Khatri.
