London-based Omnipresent, a SaaS-based global employment solution provider, has raised $120 million in its Series B funding round. The amount includes a pre-Series B round in the second half of 2021 and follows seed and Series A rounds in April 2020 and December 2020.
The two-year-old legal-tech company saw its team grow by 10X and revenue grow by 25X during 2021. This year, the fully remote company plans to hire several hundred more people to meet demand for its global employment platform.
This investment round was led by Kinnevik, a leading European growth investor, as well as Tencent, a global leading technology company from China. Uncorrelated Ventures, a San Francisco-based investor, also participated, rounding out an investor list from Asia, Europe, and America.
Tencent and Kinnevik believe the future of work is global, and to win, businesses need to stay ahead of the curve. Omnipresent’s global employment solutions equip companies with the tools they need to take advantage of these emerging trends and operate internationally.
Proceeds from the current investment will be used to help build out Omnipresent’s new products and services, customer growth, and geographic expansion. The company will also add several hundred new members to its diverse, distributed team, who work remotely from around the world.
Omnipresent is building a range of complex products that require investment in engineering and subject matter expertise across many jurisdictions. Therefore, the company will focus its recruitment drive on tech talent to accelerate and streamline product expansion.
Omnipresent’s approach is to act as the legal employer on behalf of its clients in every country. Its easy-to-use, tech-enabled platform allows companies to onboard new hires compliantly worldwide, providing them with local contracts, tax contributions, and competitive benefits, such as health insurance, pensions, and paid leave.
Tencent has been continuously increasing its European early stage investment portfolio. The tech giant has made some $500 million investments into European tech companies in the year of 2021.