WorkMotion announces $50 million Series B funding round
HR-tech for global employment firm to expand capabilities to make international onboarding easier
WorkMotion, a leading European HR-tech firm for global employment, today announced a Series B funding round of $50 million, led by Canaan. The funding will be used to expand the automation capabilities of WorkMotion’s Global Talent OS platform, which removes the complexity of global employment for HR teams. WorkMotion, unlike other Employer of Record providers, enables companies to hire globally without third parties and provides benefits for remote-first teams, such as managing ‘work-from-abroad’ requests.
First-time investor into WorkMotion, Canaan Partners leads the $50 million investment, which includes $40 million in equity plus additional debt financing, followed by Activant Capital, XAnge, and Picus Capital, who are all renewing their investment into the company. Heliad Equity Partners and GR Capital also joined as first-time investors.
“We are thrilled to welcome new investors Canaan Partners, Heliad and GR Capital on board, as well as see the continued trust our existing investors have in the strength of WorkMotion and our ability to be the leading global talent operating system,” said Carsten Lebtig, co-founder and CEO, WorkMotion. “Particularly in today’s challenging economic climate, where growth equity investment is declining, we are exceedingly pleased to be closing on this funding round. It’s testament to the proven success of the company, as well as the demand for solutions that tackle the challenges around today’s globally distributed workforce, and the desire to take advantage of an international talent pool.”
WorkMotion plans to use this new capital primarily to further develop the technological capabilities of its proprietary Global Talent OS platform.This integrated software solution eliminates the complexity of managing global employment and enables organisations to scale quickly and easily onboard and manage global talent without the need to invest in additional infrastructure. Building on the platform’s automation will be a key focus, allowing WorkMotion’s clients to more easily generate remote work contracts, calculate country-specific salaries, authorise ‘work-from-anywhere’ requests and many more actions at just the click of a button.
“Superior products and a focus on regulated economies have helped WorkMotion become the international hiring platform of choice for European companies,” said Joydeep Bhattacharyya, General Partner at Canaan. “This investment is a bet that this is only the beginning in a humongous market. We’re excited to support WorkMotion at this crucial time and look forward to the next stage of innovation.”
The funding will also contribute towards future solution offerings and also enable WorkMotion to build on its position as a strategic HR partner to its primarily European client base, offering technology, expertise and best practices to help companies achieve their goals to hire and retain staff anywhere in the world.
“Companies today need to hire globally and run these processes in a seamless way. Europe is the most complex market in the world in which to do so. WorkMotion has built the leading platform that empowers European companies of all sizes to scale across the globe, remotely, and in full compliance with ease. It has been great to see how much the platform developed since we invested the first time only nine months ago, and we’re proud to do it again as they continue to scale,” added Maximilian Mayer, Partner at Activant Capital.
“A lot of talk in the startup world centres on execution. For us at XAnge, the benchmark for efficient and quality execution is set by WorkMotion. From the deployment speed of national legal entities, to customer satisfaction and the rate of delivery for new R&D features, WorkMotion leads the pack. In short, WorkMotion is everything we admire about the German approach,” says Cyril Bertrand, Managing Partner of Xange.
The funding builds on WorkMotion’s recent growth, including an earlier Series A funding round in August 2021 and the recent appointment of Pieter Manden as Head of Trust and Employer Compliance, earlier this year. Founded in 2020, the company already has grown to have more than 500 customers.
This was posted in Bdaily's Members' News section by P Adams .