From Seed to Series A in Five Months: Omnipresent raises £11M
In record speed
Consistent with its rapid growth in client base and market coverage, Omnipresent has closed a £11M Series A funding round a mere five months after it’s seed round, becoming one of the fastest startups to do so. The funding will be used to continue to grow the company’s share of the international employment market as the world shifts to remote work post the events of 2020.
The fundraise was led by an undisclosed investor with participation from existing investors, Episode 1, Playfair Capital and Truesight Ventures.
Opening the floodgates to Global Employment
Since the outbreak of Covid-19 the world has witnessed an unprecedented global shift towards remote working. A Gartner survey of company leaders found that 80% plan to allow employees to work remotely at least part of the time after the pandemic, and Omnipresent’s own employer surveys showed that over 85% of employers will be employing remote or international employees in 2021.
“While talent is evenly distributed around the world, for too long, opportunities have not been. I have experienced first hand the challenge of hiring globally. When I was a CEO attempting to grow a team across different jurisdictions I was dismayed by the baroque complexity and lack of affordable tech-driven solutions.” said Carina Namih, General Partner at Episode 1 Ventures.
Omnipresent is the answer to this problem. By acting as the local employer in every country, Omnipresent helps companies employ local teams worldwide at a fraction of the cost of doing the legwork themselves. With the use of a simple tech-enabled platform, companies can onboard employees compliantly in 150 countries, providing employees with local contracts, tax contributions, and local and international benefits such as health insurance, pensions and equity options.
“Remote work undoubtedly represents the future of the modern workforce. The sooner companies adapt, the sooner they will reap the massive competitive advantage associated with a globally distributed workforce, including increased workforce productivity and satisfaction and a larger and more diverse pool of talent from which to recruit workers. ” said Joe Thornton, General Partner at Playfair Capital.
Growing global coverage in 150 countries
Having started the business whilst part of leading talent investor Entrepreneur First’s London cohort in 2019, Matthew Wilson and Guenther Eisinger founded the business on the strong conviction in the transformative power of global distributed teams before the pandemic accelerated the behavioural change. They raised a seed round of $2m in July 2020 to build a team and extend Omnipresent’s international coverage to 80 countries by the end of 2020.
Carina Namih also noted: “It comes as no surprise to me that this Series A round is happening hot on the heels of their seed round that we led just 5 months ago. Omnipresent has already become a crucial piece of infrastructure for global teams working across different countries. The team is passionate about delighting users and their pace of execution has been extraordinary. In just a matter of months they have exceeded their ambitious targets and have scaled to cover over 150 countries and rolled out a powerful product that clients are evangelical about.”
In a short amount of time, Omnipresent has revolutionised the way clients work and operate. “Without Omnipresent we wouldn’t have been able to grow our team at the pace we did and in the locations we wanted. Omnipresent has the geographic reach, legal expertise and local knowledge that we desperately needed when it came to hiring our new found talent in several different countries,” said Samir El-Sabini, the CEO of Juni.
Ambitious goals supported by an unrivalled team and new funding
Omnipresent is onto something. The explosive growth of the global employment market reflects the anticipation of a complete overhaul of working processes and structures.
The £11M Series A funding was backed once again by investors from the seed round with additional support from new entrants as Omnipresent has been recognised for its executional prowess and remarkable international team.
“Even before the pandemic we recognised the revolutionary potential of breaking down legal and administrative barriers of international employment. As former business owners, we had first hand experience of what a headache it is to navigate the complexity and bureaucracy of building global teams. Now with the pandemic and the global shift towards remote working it’s confirmed that we are on the right track. With this Series A funding we’ll continue our global expansion, scale our team to become the operating system for global workforces.” said Guenther Eisinger and Matthew Wilson, Co-CEOs of Omnipresent.
With its Series A investment secured, Omnipresent is well positioned to continue its leadership in shaping the future of global employment.
About the Founders
Matthew WilsonCo-CEO & Co-founder
Matthew Wilson is a serial entrepreneur based in London. He studied Theoretical Physics in Oxford before working as a software engineer and product manager. At 23, Matt turned down a full MBA scholarship to co-found an enterprise SaaS company and was named Forbes 30 under 30 in 2019. Frustrated by his experience of dealing with international bureaucracy, Matthew decided to join Entrepreneur First, a deep tech accelerator, to co-found Omnipresent Group with Guenther Eisinger.
Guenther EisingerCo-CEO & Co-founder
Guenther holds three Master’s Degrees and a PhD. He served for the Austrian Special Forces, rising to the rank of Major leading combat units in Afghanistan, Africa and Eastern Europe. He then worked in international crisis management and started a company developing software to enable organisations to operate in complex environments worldwide. He joined Entrepreneur First, the world’s leading talent investor, as part of their November 2019 cohort to start Omnipresent.
Linda Wang | [email protected]