Remofirst raised the largest Seed round in our industry - $14.1M to make Employer of Record affordable

September 21, 2022

Today is a historical moment for Remofirst as we are announcing the largest Seed round in our industry - $14.1M. It was co-led by two leading fintech investors Mouro Capital and QED Investors with participation from Counterpart Ventures.

I founded Remofirst in 2021 with my co-founder Volodymyr Fedoriv, and our mission was to make EOR affordable. As an Employer of Record we help companies build remote teams in more than 150 countries by handling the onboarding, payroll, benefits, taxes, and local compliance for our clients so they can focus on growing their business.

Before Remofirst, Volodymyr and I both founded multiple remote-first companies and felt that one of our biggest challenges was hiring people around the world in a compliant way. We knew it was more affordable to be remote-first, but we didn’t know why global payroll was so difficult with legacy solutions. This motivated us to tackle the industry and build something that we could use ourselves.

With the global pandemic and proliferation of tools for remote work, I wanted to leverage my product experience in building a payroll engine (along with my lived experience as a remote worker) to create a platform that allows companies to hire from anywhere with just a few clicks, without having to worry about payroll in multiple currencies or HR compliance in other countries.

While there were a few existing players in the global HR space, Remofirst is the most cost-efficient provider which fills a crucial gap in the current market conditions. Our aim is to make it simple for our clients to understand what they’re paying for and why, while also offering best-in-class customer support.

We felt that it shouldn’t be cost-prohibitive for companies to access global hiring tools, support, and expertise around the world. This has been a core tenet of what we’re building at Remofirst, and we will continue to announce more product updates to improve our prices even further by the end of the year.

We are passionate about helping our clients build global teams as we enable the freedom of work.

Best wishes,

Nurasyl Serik

Co-founder and CEO