April 19, 2024
PRESS RELEASES

HR & Fintech Platform RemotePass Secures $5.5 Million in Series A Funding Led by 212vc

RemotePass, an HR & Fintech platform that helps companies onboard, manage, pay, and retain remote workers, has secured $5.5 million in Series A funding.

The oversubscribed round was led by 212 VC with participation from investors in the US, Europe, and the Middle East, including Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15, and Swiss Founders Fund. With this funding, RemotePass’s total capital raised surpasses $10 million, adding to previous investments from BECO Capital, Wamda Capital, Plug & Play, and Flat6Labs.

“Witnessing RemotePass’s remarkable product growth and stellar customer service since early 2023 solidified our belief in their visionary team & business model. Addressing today’s workforce challenges like talent mobility and remote work RemotePass stands out as a key enabler. It connects companies seeking a broader talent pool with emerging market talents who previously lacked access to global financial solutions and processes. This disruption positions them as game-changers in the UAE & KSA, hubs poised for global dominance.” Ali Hikmet Karabey, Managing Director, 212 VC (Lead Investor)

Founded by Kamal Reggad and Karim Nadi, RemotePass serves a diverse range of clients, from startups to large listed enterprises like Spotify, Logitech, Paymentology, and others around the globe, enabling them to onboard, manage, and pay their talent base in countries where they do not have a local legal presence. Its clients can hire full-time employees and contractors in over 150 countries.

“Our platform helps democratize access to global opportunities, leveling the playing field for skilled individuals and enabling them to compete in a global job marketplace. This funding fuels our mission to empower countless lives and help global teams succeed.” Kamal Reggad, CEO and Co-Founder, RemotePass

In the evolving global landscape of remote work solutions, RemotePass has emerged as a frontrunner by capitalizing on its deep understanding of emerging markets (especially the Middle East and Africa) and offering a comprehensive suite of benefits through its innovative super app.

This app offers easy access to a range of financial services and benefits tailored to the needs of remote workers in the global marketplace, including multiple payout options, a USD debit card, and easy access to perks like premium health insurance. Apart from an end-to-end contractor management platform, RemotePass provides businesses with EoR services and relocation support.

We are thrilled with the progress and traction that RemotePass has shown in its few years of operation. The oversubscribed funding round is a testament to the company’s robust financials, strong team, and high growth potential. What impressed us most at Wamda, and what confirmed our decision to back Kamal and his team since inception, is his entrepreneurial capability, which he demonstrated during the difficult days of the pandemic when he pivoted the company and subsequently built a great startup” – Fadi Ghandour, Founder, Wamda Capital

Speaking of the pivot, RemotePass was incorporated in 2019 as a business travel SaaS platform. Having operated as a remote-first company since its inception, the founding team had first-hand experience with the challenges of hiring and managing remote teams — especially in emerging markets. The company seized the opportunity to pivot during the COVID-19 pandemic as the world began to embrace remote working at scale. This strategic shift unlocked a remarkable 35% month-over-month growth for the first two years, primarily driven by referrals from satisfied clients

“The beauty of serial entrepreneurs like Kamal is that their impact doesn’t stop at their first company. We are so happy to support his journey since Hmizate (his earlier venture) and now with RemotePass as a remote company coming out of the UAE,” – Margaret Pollack, Head of Capital and Investments, Endeavor Catalyst.

Last Updated on 1 month by Middle East News 247

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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