- RemotePass, a UAE-based startup, has announced that it has raised $5.5 million in Series A funding to expand and scale operations.
- Led by 212 VC, Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15 and the Swiss Founders Fund also participated in the funding round.
- This development comes after BECO Capital led a pre-series A round in 2021 that included Wamda Capital, Khawarizmi VC, Flat6Labs, and Wealth Well to fund geographical expansion.
In 2020, Kamal Reggad (CEO) and Karim Nadi founded RemotePass, a platform that enables businesses to hire and manage remote workers. The startup serves several clients, including Spotify and Logitech, and helps people find work in over 150 countries.
RemotePass was originally called SafarPass, a SaaS platform for business travel and expense management that was rebranded to RemotePass a year before its launch.
The startup aims to address the complexities of different countries and currencies, as well as the laws associated with financial services, by allowing businesses to onboard, pay, and manage their employees.
Two years after its launch, RemotePass reportedly grew 35% month after month and doubled revenue between 2022 and 2023, primarily through referrals.
The RemotePass app includes a dollar debit card for holding funds in USD; RemotePass launched the debit card initiative in April 2023. It also offers insurance and EoR and relocation services to businesses.
The startup makes money through subscriptions, charging companies $40 per month for each active contractor and $350 to $699 per month for full-time employees. The fee also depends on the country and any immigration or relocation requirements.
With the funds raised, RemotePass plans to improve its product's enterprise readiness and expand in Saudi Arabia by onboarding more businesses. It would also boost efforts towards product localisation.
Meanwhile, the company asserts it’s thriving in a market where 73% of working Africans prefer to work remotely, and the number of tech and remote companies recruiting in Africa has grown up to 800% year on year in 2022, per survey.
