Skuad, a digital payroll platform for remote-working teams, has raised $4 Mn in seed funding from BEENEXT and Anthemis Group, alongside Alto Partners Multi-Family Office and Rohan Monga, CEO of Zenius Education among others.
The firm will use the funds to grow its remote employment infrastructure and scale its growth team in multiple geographies, as per a statement released today. It did not disclose other financial details of the transaction.
Sundeep Sahi, CEO, Skuad, stated, “With Skuad, we are on a mission to enable companies to build teams with global talent quickly while opening up amazing opportunities for top talent to realize their dreams to work for startups as well global companies even if they are not geographically co-located.”
Skuad is currently being used by companies in countries across Southeast Asia, Africa, and North America to build and pay their geographically distributed teams. Co-founded by Sundeep Sahi (former chief product officer at Brand Networks and ex Microsoft), Naman Singhal (former CEO of AppStreet, a mobile application development company), and Dave Fall (former CEO Brand Networks and ex-Google), Skuad has distributed teams across four continents.
The COVID-19 pandemic has brought an unprecedented shift in how organizations are building teams and there is significant adoption of hiring great talent beyond the geographical boundaries. But, hiring in other countries is not only highly complex, but it also has compliance risks associated with it. Through its Global Employment Platform, Skuad helps employers build and pay their remote workforce seamlessly, without needing to set up local entities.
The platform not only automates global payroll, local compliance, and taxation but also provides benefits for employees spread across geographies. Companies can onboard employees or contractors anywhere within minutes, which has proven to be an essential component of remote work in the pandemic era.
“As an enabler of operationalizing distributed teams, Skuad brings in simplicity and seamlessness to hiring while doing away with expansion or capacity constraints,” said Dirk Van Quaquebeke, Managing Partner at BEENEXT.
Given the rise in the globalization of talent on account of the pandemic, the funding is yet another validation of the rise of digital tools and technologies that can help organizations to hire great talent beyond the geographical boundaries.