Omnipresent, a “one stop shop” for remote employment, has raised a $2 million seed round led by investors Playfair Capital and Episode 1.
The pandemic is creating a long-term shift towards flexible working that is likely to mean many more small-and-medium-sized businesses need to navigate employment relationships with remote workers across multiple jurisdictions.
Omnipresent helps these companies sort out payroll, taxes, and benefits, as well as employment contracts for their remote workforce.
“Running a global business, one that spans multiple different geographies and jurisdictions, is a real bureaucratic mess,” cofounder Matthew Wilson told Business Insider. “We’re cutting away all that complexity for our customers using a combination of legal, operational, and financial infrastructure, in addition to an end-to-end software platform.”
Cofounders Wilson and Guenther Eisinger, an ex-Austrian special forces agent, started Omnipresent after meeting through startup accelerator Entrepreneur First in November 2019.
They set out to raise the $2 million seed round remotely in March just as countries went into lockdown, after raising a pre-seed round from Entrepreneur First in January.
High investor interest meant they closed in just six weeks.
“We were really convinced that there was going to be this longer-term shift towards remote working [because of] some of the macro trends around the increased competition for talent in the tech centers and the increased quality of communication and ways of working for remote teams,” says Wilson.
But, shifts in working behaviour from COVID-19 have turbocharged the startup’s growth.
Wilson adds: “It’s obviously been massively accelerated over the last few months with a huge behavioral shift being forced on a lot of companies.”
The money from the seed round will be used to quadruple the number of countries the startup operates in to 80 by the end of 2020, giving it “almost twice as much coverage” as the other players in the space, says Wilson.
Omnipresent is a more affordable option than incumbent employment infrastructure platform, and a more complete offering than other startups that have emerged this year, he adds.
Here’s the (redacted) pitch deck that Omnipresent used to bring new investors on board: