Our thesis and insights
Why We Invested: Remofirst
September 22nd - 2022
How companies work, that is, how they organize their (human) resources, is one of THE post-Covid themes, no doubt about that. The jury is still out as to what the future holds, as companies fluctuate between going back to the offices, even partially, or going all-in on remote working.
Beyond obvious ‘face time’ considerations, there is a deeper meaning to it as we think about the global market for talent. Remote work has unlocked pockets of talent – especially technical and sales – in remote locations, it has increased employee retention allowing the best to adapt their day to day to their professional obligations – some sort of ‘meritocracy of freedom’. It is changing how companies recruit, communicate, incentivize, retain, or train. It is changing how employees deliver tasks, upskill themselves, access and switch jobs, conceive work-life balance and plan around it. Remote work is here to stay.
There are also important financial considerations around remote work, on many layers. At a company level, the increased transparency of the global talent market will likely level salaries (we are already seeing salary inflation across our portfolio) and will change employee expectations as pockets of talents that until now were not exposed to the international labor market benefit from some of the best practices elsewhere. The relationship between remote employees and their employers in a location-less world becomes even more important, and more financial in nature: employers need to build trust with employees that are very far away or that live in a very different reality to that of a corporate headquarters, and need to deliver on new employees’ expectations.
Remofirst’s platform helps with all of that by allowing companies hire, pay, manage and on-board remote employees and contractors from anywhere in the world without having to deal with the legal, regulatory, tax, compliance, etc. hassles attached to it. They do this by providing Employers of Record (EoRs) services across more than 150 countries – as they say, from Mumbai to Mountain View to Malta and everywhere in between. It is the one stop shop for global employers to deliver the right employment set-up and employee experience, no matter where talent is.
Nur, Remofirst’s CEO, is himself a rara avis. Born in Kazakhstan, lived most of his life in the UK – when we met him, he was virtually homeless. A nomad. A fluid top-notch talent. The perfect CEO to drive Remofirst to success. His team is just perfectly fit for purpose with that vision. The early results as a company are breathtaking, and the clarity of the vision will drive Remofirst to record heights.
Why is Mouro a fit for Remofirst? We come at all our investments from a fintech angle, and the new employers, those that need to adapt to this changing world, need to engrain themselves in their employee’s life for performance, retention and culture. We believe in the potential of Nur to deliver seamless yet sophisticated HR solutions to clients to support that, but also in his ability to add financial functionalities to create an even more wholesome experience.
We are proud to have partnered with QED Investors and Counterpart Ventures, as well as an amazing group of angel investors, to support Nur and his team in their journey of bringing true freedom to their clients.
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