September 26, 2022

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Global employer of record Omnipresent raises $120 million

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Omnipresent Group Ltd., the developer of a global employment platform that delivers as a service, has raised $ 120 million in a Series B funding round to bring its total funding to nearly $ 138 million.

The company is taking advantage of the new openness by businesses to employ people outside the workplace and even half a world away in the wake of COVID-19. Omnipresent has a presence in 160 countries with the ability to bring job candidates on board in a manner that’s fully compliant with local standards and regulations.

Omnipresent is itself a distributed company with no headquarters and top executives located in Vienna, London, Dubai and Stockholm. “We have quarterly management meetings and get together once a year as a company,” said Chief Financial Officer Tucker Dearth (pictured). Other than that, he said, “we’re fully remote; we practice what we preach. ”

There’s nothing new about Omnipresent’s business model. It is an employer of record, an industry term for a firm that serves as an employer for tax purposes while employees perform work for a different company.

What’s different is its technology platform, Dearth said. It allows client companies to onboard new hires compliantly worldwide, providing local contracts, tax contributions and benefits that are competitive for the region. It focuses specifically on hiring technical talent.

Omnipresent doesn’t participate in the recruitment process, Dearth said. Once the client company has identified a candidate, it tends to all the legal details and sends clients a single monthly bill for all the people it employs on their behalf. “We abstract the complexity out so customers can build the contracts they want,” Dearth said. “They can scale up contracts in a country where they have limited knowledge.”

Founded in 2019, Omnipresent has grown to more than 230 people distributed throughout more than 40 countries, a number that grew 10-fold in 2021 while revenue grew 25-fold, it claimed. Proceeds from the investment will be used to build new products and services and expand sales and geographic reach.

Among the new services it’s looking at are setting up local entities for remote companies that want to transition employees from Omnipresent to their own payrolls. The company also said it expects to add several hundred new employees.

“We see a path to profitability that’s a function of how fast we want to grow and how much we want to front-end investment in the platform,” Dearth said. Although estimating the total potential size of the market is difficult, “we see the size of the opportunity as being really significant.”

This investment round was led by Kinnevik AB and Tencent Holdings Ltd. with participation by Uncorrelated Venture Funds LP.

Photo: Omnipresent Group

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