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Remote Closes $150M Series B To Help Companies Manage Changing Workforce

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New York-based Remote raised a $150 million Series B at a valuation of more than $1 billion as it looks to make hiring anywhere easier for companies.

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The round was led by Accel with participation from existing investors including Sequoia Capital, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards Capital and Day One Ventures. Founded in 2019, the human resource tech company has now raised just less than $200 million.

Remote’s platform helps companies hire anywhere in the world by handling payroll, benefits, compliance issues and more in 45 countries. Co-founder and CEO Job van der Voort got the idea to start Remote when he was working as vice president of product for GitLab and noticed the pain point of hiring abroad; being saddled with employment term issues and legalities. Remote actually serves as the hiring agent in the different countries and takes care of all human resource-related issues for the new employee.

“We take away the hassle of international hiring,” he said.

Acceleration of remote work

Although the company just closed its $35 million Series A in November, it saw tremendous growth as remote work has become the new normal, so it didn’t shy away from a Series B. Remote now works with thousands of customers and has grown its revenue by more than 65x through the past year, van der Voort said. Its employee headcount has gone from 50 to 220 since November.

The company now plans to be in 80 countries by the end of the year, he added.

“This whole thing has just accelerated over the last year,” he said. “Work is just completely upside down now. There is no script for this.”

Miles Clements, partner at Accel, said he has been watching Remote closely since it was founded, as his firm eyed the HR sector.

“We’d been pursuing a thesis in the HR market and looking for companies building full-stack product experiences, in contrast to the historical model of aggregating local payroll providers,” he said. “COVID-19 undoubtedly accelerated the shift to remote work, and we saw Remote emerging as the company underpinning many of our companies’ global HR strategies.”

Although there are large companies in the human resource space like ADP, as well as startups like New York-based Papaya Global and San Francisco-based Lattice, van der Voort said the HR sector is growing rapidly as work changes and has set a goal for Remote to be its own public company.

Masha Drokova, founder and general partner at Day One Ventures, said she sees Remote as a serious disruptor in the $200 billion professional employer organization market that is made up of older firms.

“Remote built the infrastructure for people from everywhere to work on what they love, from the place they want to live, with high income and access to the best opportunities,” she said.

Illustration: Li-Anne Dias.

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Source: https://news.crunchbase.com/news/remote-closes-150m-series-b-to-help-companies-manage-changing-workforce/

Start Ups

Telehealth giant Amwell to acquire Portland healthtech startup Conversa

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National telehealth provider Amwell said it will acquire Portland, Ore.-based healthtech startup Conversa and SilverCloud Health.

Conversa, founded in 2014, sells platforms tailored to different medical conditions that allow medical teams to communicate with patients remotely. The company raised $8 million at the beginning of this year, after COVID-19 generated increased need for the service.

Conversa also helps medical providers automate text-based conversations and other administrative tasks before, during and after patients check in to medical care.

Amwell said it will use Conversa’s patient profiling and engagement tools to boost client experience and outcomes.

Murray Brozinksy, CEO of Conversa Health, said the deal will help “usher in the hybrid care delivery model of the future.”

Amwell said it paid approximately $320 million in stock and cash to acquire Conversa and SilverCloud, a digital platform that caters to mental healthcare. The transaction is expected to close at the end of the third quarter.

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Source: https://www.geekwire.com/2021/telehealth-giant-amwell-acquire-portland-healthtech-startup-conversa/

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Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

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Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The deal will see Swvl valued at roughly $1.5 billion.

Swvl was founded by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah in 2017. The trio started the company as a bus-hailing service in Egypt and other ride-sharing services in emerging markets with fragmented public transportation.

Its services, mainly bus-hailing, enables users to make intra-state journeys by booking seats on buses running a fixed route. This is pocket-friendly for residents in these markets compared to single-rider options and helps reduce emissions (Swvl claims it has prevented over 240 million pounds of carbon emission since inception).

After its Egypt launch, Swvl expanded to Kenya, Pakistan, Jordan and Saudi Arabia. The company also moved its headquarters to Dubai as part of its strategy to become a global company.

Swvl offerings have expanded beyond bus-hailing services. Now, the company offers inter-city rides, car ride-sharing, and corporate services across the 10 cities it operates in across Africa and the Middle East.

Queen’s Gambit, the women-led SPAC in charge of the deal, raised $300 million in January and added $45 million via an underwriters’ overallotment option focusing on startups in clean energy, healthcare and mobility sectors.

The statement also mentions a group of investors — Agility, Luxor Capital and Zain Group — which will contribute $100 million through a private investment in public equity, or PIPE.

Per Crunchbase, Swvl has raised over $170 million. From an African perspective, Swvl features as one of the most venture-backed startups on the continent. The company has been touted to reach unicorn status in the past and will when this SPAC merger is completed.

The company will aptly trade under the ticker SWVL. The listing will make it the first Egyptian startup to go public outside Egypt and the second to go public after Fawry. It will also make the mobility company the largest African unicorn debut on any U.S.-listed exchange, beating Jumia’s debut of $1.1 billion on the NYSE. Swvl joins music-streaming platform Anghami as the second startup in the region to go public via a SPAC merger in the Middle East.

Swvl had annual gross revenue of $26 million in 2020, according to the statement, and the company expects its annual gross revenue to increase to $79 million this year and $1 billion by 2025 after expanding to 20 countries across five continents.

On why Queen’s Gambit picked Swvl for this deal, Victoria Grace, founder and CEO, said in a statement that the company fit the profile of what she was looking for: “a disruptive platform that solves complex challenges and empowers underserved populations.”

“Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalize on a truly global market opportunity,” she added.

In May, TechCrunch wrote that SPACs didn’t target African startups for several reasons, including a lack of global appeal and private capital and market satisfaction. Judging by Grace’s comments, Swvl has that global appeal and is ready to venture into the public market despite being in operation for just four years.

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Source: https://techcrunch.com/2021/07/28/egyptian-ride-sharing-company-swvl-plans-to-go-public-in-a-1-5b-spac-merger/

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Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

Published

on

Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The deal will see Swvl valued at roughly $1.5 billion.

Swvl was founded by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah in 2017. The trio started the company as a bus-hailing service in Egypt and other ride-sharing services in emerging markets with fragmented public transportation.

Its services, mainly bus-hailing, enables users to make intra-state journeys by booking seats on buses running a fixed route. This is pocket-friendly for residents in these markets compared to single-rider options and helps reduce emissions (Swvl claims it has prevented over 240 million pounds of carbon emission since inception).

After its Egypt launch, Swvl expanded to Kenya, Pakistan, Jordan and Saudi Arabia. The company also moved its headquarters to Dubai as part of its strategy to become a global company.

Swvl offerings have expanded beyond bus-hailing services. Now, the company offers inter-city rides, car ride-sharing, and corporate services across the 10 cities it operates in across Africa and the Middle East.

Queen’s Gambit, the women-led SPAC in charge of the deal, raised $300 million in January and added $45 million via an underwriters’ overallotment option focusing on startups in clean energy, healthcare and mobility sectors.

The statement also mentions a group of investors — Agility, Luxor Capital and Zain Group — which will contribute $100 million through a private investment in public equity, or PIPE.

Per Crunchbase, Swvl has raised over $170 million. From an African perspective, Swvl features as one of the most venture-backed startups on the continent. The company has been touted to reach unicorn status in the past and will when this SPAC merger is completed.

The company will aptly trade under the ticker SWVL. The listing will make it the first Egyptian startup to go public outside Egypt and the second to go public after Fawry. It will also make the mobility company the largest African unicorn debut on any U.S.-listed exchange, beating Jumia’s debut of $1.1 billion on the NYSE. Swvl joins music-streaming platform Anghami as the second startup in the region to go public via a SPAC merger in the Middle East.

Swvl had annual gross revenue of $26 million in 2020, according to the statement, and the company expects its annual gross revenue to increase to $79 million this year and $1 billion by 2025 after expanding to 20 countries across five continents.

On why Queen’s Gambit picked Swvl for this deal, Victoria Grace, founder and CEO, said in a statement that the company fit the profile of what she was looking for: “a disruptive platform that solves complex challenges and empowers underserved populations.”

“Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalize on a truly global market opportunity,” she added.

In May, TechCrunch wrote that SPACs didn’t target African startups for several reasons, including a lack of global appeal and private capital and market satisfaction. Judging by Grace’s comments, Swvl has that global appeal and is ready to venture into the public market despite being in operation for just four years.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/07/28/egyptian-ride-sharing-company-swvl-plans-to-go-public-in-a-1-5b-spac-merger/

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Start Ups

Microsoft acquires Seattle startup Suplari, which uses AI to analyze corporate spending

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Suplari co-founders Jeff Gerber, Brian White, and Nikesh Parekh. (Suplari Photo)

Microsoft has acquired Suplari, a Seattle startup that uses artificial intelligence to help companies understand and get a handle on their spending.

Founded in 2016, Suplari analyzes procurement and spending data flowing into various enterprise systems. It can provide recommendations for cost savings, risk exposure, and other efficiency gaps. The software serves as an alternative to compiling data in an app such as Excel or Tableau and having a team of analysts comb through the information themselves. Suplari manages more than $180 billion in spend across millions of transactions per month.

Microsoft said it will pair Suplari with Microsoft Dynamics 365 “to help customers maximize financial visibility by using AI to automate the analysis of current data and historical patterns from multiple data sources.”

“Today’s announcement also signals our continued commitment to enabling organizations to move beyond transactional financial management to proactive operations that enhance decision making, mitigate risks, and reduce supplier costs through our data-first approach,” Microsoft vice president Frank Weigel wrote in a blog post.

Terms of the deal were not disclosed. Suplari said its “Suplari Spend Intelligence Cloud” will continue to remain available for existing customers.

Suplari is among a bevy of startups using artificial intelligence and machine learning to automate manual processes involving tons of data, and provide recommendations based on the computer-aided number crunching. There are several companies in Seattle applying similar technology in various industries, such as AttunelyLexionSigma IQ, and others.

Suplari had raised $18 million to date, according to PitchBook. Investors include Amplify Partners, Madrona Venture Group, Shasta Ventures, Two Sigma Ventures, and Workday Ventures.

The company was co-founded by Jeff Gerber, Brian White, and Nikesh Parekh, Suplari’s CEO.

Parekh is a real estate technology veteran who previously held leadership positions at Market Leader and Trulia. Gerber is a long-time engineering leader who co-founded startups including iConclude (acquired by Opsware and later by HP) and helped lead Apptio’s machine learning and intelligent app development. White worked with Gerber at iConclude as an early employee and did stints at Amazon Web Services and Skytap.

Parekh said Microsoft and Suplari have had partnership discussions over the past several years.

“Given Microsoft’s AI, cloud and data investments, customers can expect that Suplari will continue to deliver more AI-driven, predictive & prescriptive insights and integrated workflows for finance, procurement, & supply chain teams,” he wrote in a blog post.

The deal is the latest in a string of IPOs, fundings, and acquisitions across the Seattle startup ecosystem. Earlier this week Seattle startup Algorithmia was acquired by DataRobot.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.geekwire.com/2021/microsoft-acquires-seattle-startup-suplari-uses-ai-analyze-corporate-spending/

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