Tencent-backed startup that helps hire staff raises US$120m

[NEW YORK] When Omnipresent was founded in late 2019, the startup had no idea a global pandemic was about to validate its business model helping companies hire and support staff abroad.

Covid-19 ushered in the era of remote work and many companies shifted their approach to hiring, realising the benefit of being able to tap global talent. Omnipresent, which helps companies navigate compliance, health insurance, pensions and paid leave for employees based overseas, saw revenue increase 25 times in 2021, according to the company. It raised US$120 million in a recent funding round and plans to use the proceeds in part to hire several hundred more employees to meet surging demand.

"Companies have realised that actually working with remote teams and globally distributed teams does work," said Guenther Eisinger, who co-founded and leads the company with Matthew Wilson. "Once companies realise this, they realise, 'If I need to hire 10 more people, they don't need to be in San Francisco. They can be anywhere on the planet, as long as the international employment problem that is super complex is solved.'"

Omnipresent operates on a fully remote basis and uses its own services to hire and onboard employees. Eisinger said the model has allowed for a diversity of geography and thought that wouldn't have been possible otherwise. Omnipresent has more than 230 people spread across about 40 countries.

"We are our own best clients, so to say," Eisinger said.

Even as many companies return to hybrid or in-person work schedules, Jalin Somaiya, interim chief marketing officer, said he expects companies will stay remote-friendly in the coming years, since the model allows them to hire from a bigger pool of talent. Somaiya added that he has seen some companies realise that they are losing employees to competitors that offer more flexibility.

"These structural advantages will win out," Somaiya said. "We're in the foothills of something very profound that's happening to the world."

Omnipresent's funding round was led by Swedish investment company Kinnevik and Tencent Holdings, the Chinese tech giant that owns messaging app WeChat. Ola Nordbye, investment director at Kinnevik, said the firm had been searching for companies in the space for some time in part because it noticed that other companies in their portfolio would benefit from services like Omnipresent's.

"We are super excited to see how Omnipresent can be a key enabler for growth among our other portfolio companies too, and there are some very strong synergies here," Nordbye said in an email. BLOOMBERG