Omnipresent Group Ltd.the developer of a global job platform it offers as a service, raised $120 million in a Series B funding round to bring its total funding to nearly $138 million.
The company is taking advantage of the new opening of businesses to employ people outside of the workplace and even halfway around the world in the wake of COVID-19. Omnipresent is present in 160 countries and has the capacity to recruit candidates in a manner fully compliant with local standards and regulations.
Omnipresent itself is a distributed company with no head office and senior management located in Vienna, London, Dubai and Stockholm. “We have quarterly management meetings and we meet once a year as a company,” chief financial officer Tucker Dearth (pictured) said. Apart from that, he said, “we are completely distant; We practice what we preach.”
There is nothing new in Omnipresent’s business model. This is an employer of record, an industry term for a company that serves as an employer for tax purposes while employees perform work for another company.
What’s different is its technology platform, Dearth said. It enables corporate clients to onboard new hires in a compliant manner worldwide, providing local contracts, tax contributions and competitive advantages for the region. It focuses specifically on hiring technical talent.
Omnipresent is not involved in the recruiting process, Dearth said. Once the client company identifies a candidate, they take care of all the legal details and issue clients a single monthly invoice for everyone they employ on their behalf. “We abstract away complexity so clients can build the contracts they want,” Dearth said. “They can extend contracts in a country where they have limited knowledge.”
Founded in 2019, Omnipresent has grown to more than 230 people in more than 40 countries, a number that has increased 10 times in 2021 while revenues have increased 25 times, he claimed. Proceeds from the investment will be used to create new products and services and expand sales and geographic reach.
Among the new services he’s considering is setting up local entities for remote companies that want to transition Omnipresent employees to their own payroll. The company also said it plans to add several hundred new employees.
“We see a path to profitability that depends on how fast we want to grow and how big the initial investment in the platform is,” Dearth said. Although it is difficult to estimate the total potential size of the market, “we consider the size of the opportunity to be really important”.
This investment round was led by Kinnevik AB and Tencent Holdings Ltd. with participation from Uncorrelated Venture Funds LP.