Funding round
Remote Series A
Remote, which works in HR management solutions in United States, raised $35M in a Series A round announced on 10 Nov 2020, led by Index Ventures. 4 firms took part, with 4 individual investors. It is Remote's first venture round on record.
$35M
Amount raised
Not disclosed
Post-money valuation
4
Investors
1 lead
Valuation
What this round says about the price
Remote did not disclose a valuation in this round. It is Remote's first venture round on record, 25 years after it was founded in 1995. It is 7.2% of the $485M Remote has raised in the venture rounds on record. Remote raised again 8 months later: a Series B round of $150M in Jul 2021, at $1.00B post-money.
Investors
Who put money in
Index Ventures led the round with 3 other firms.
Lead investor
- Index Ventures backs 353 venture-backed companies new investor
Also in the round
- Sequoia Capital backs 589 venture-backed companies new investor
- General Catalyst backs 574 venture-backed companies new investor
- Two Sigma Ventures backs 60 venture-backed companies new investor
Individual investors: Aaron Levie, Zach Weinberg, Kevin Hartz and Julia Hartz. Joined the board: Hannah Seal (Index Ventures) and Jan Hammer (Index Ventures).
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, scaling operations and working capital.
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
1,441 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $11M, and this round was 3.3 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 6 Nov 2020 | $54M | not disclosed | NewSpring and Providence Ventures |
| Tech Companies | 1 Nov 2020 | $50M | not disclosed | Goldman Sachs Growth Equity |
| Tech Companies | 16 Nov 2020 | $39M | not disclosed | Dawn Capital and Tiger Global |
| Tech Companies | 10 Nov 2020 | $29M | not disclosed | Andreessen Horowitz and GV |
| Tech Companies | 4 Nov 2020 | $25M | not disclosed | Tencent |
| Tech Companies | 1 Nov 2020 | $23M | not disclosed | Ace Management Partners |
| Tech Companies | 18 Nov 2020 | $16M | not disclosed | 10D |
| Tech Companies | 13 Nov 2020 | $15M | not disclosed | DBL Partners |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Remote raise in its Series A round?
Remote raised $35M in its Series A round, announced in Nov 2020.
Who led Remote's Series A round?
Index Ventures led it, with Sequoia Capital, General Catalyst and Two Sigma Ventures.
What was Remote's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
1,441 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $11M, and this round was 3.3 times the median.
Did Remote raise again after this round?
Yes: a Series B round in Jul 2021 of $150M at $1.00B post-money.