Funding round
Remote Series B
Remote, which works in HR management solutions in United States, raised $150M in a Series B round announced on 13 Jul 2021, led by Accel, at a $1.00B post-money valuation. 7 firms took part, 5 of them already investors. It is Remote's second venture round on record; the one before was a Series A in Nov 2020.
$150M
Amount raised
$1.00B
Post-money valuation
$850M pre-money
7
Investors
1 lead
15%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Remote at $1.00B after the new money. The $150M bought investors about 15% of the company. It came 8 months after Remote's Series A. It is 31% of the $485M Remote has raised in the venture rounds on record. Remote raised again 9 months later: a Series C round of $300M in Apr 2022, at $3.00B post-money.
Investors
Who put money in
Accel led the round with 6 other firms. Sequoia Capital, Index Ventures, Two Sigma and General Catalyst and 1 more had backed Remote before.
Lead investor
- Accel backs 581 venture-backed companies new investor
Also in the round
- Sequoia Capital backs 589 venture-backed companies existing investor
- Index Ventures backs 353 venture-backed companies existing investor
- backs 13 venture-backed companies existing investor
- General Catalyst backs 574 venture-backed companies existing investor
- backs 54 venture-backed companies existing investor
- 9Yards Capital
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
999 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 4.8 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| 1Password Tech Companies | 27 Jul 2021 | $100M | $2.00B | Accel |
| Tech Companies | 27 Jul 2021 | $100M | $500M | CRV and Highland Europe |
| OpenSea Tech Companies | 20 Jul 2021 | $100M | $1.50B | Andreessen Horowitz |
| Tech Companies | 21 Jul 2021 | $90M | not disclosed | JAZZ Venture Partners and Temasek |
| Tech Companies | 28 Jul 2021 | $77M | $500M | General Atlantic |
| Tech Companies | 28 Jul 2021 | $65M | not disclosed | Accel-KKR |
| Tech Companies | 21 Jul 2021 | $65M | $340M | CRV |
| Tech Companies | 1 Jul 2021 | $56M | not disclosed | Tiger Global |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Remote raise in its Series B round?
Remote raised $150M in its Series B round, announced in Jul 2021.
Who led Remote's Series B round?
Accel led it, with Sequoia Capital, Index Ventures, Two Sigma, General Catalyst and Day One Ventures and 1 more.
What was Remote's valuation at the Series B round?
$1.00B post-money ($850M pre-money).
How does it compare with other Series B rounds in Tech Companies?
999 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 4.8 times the median.
Did Remote raise again after this round?
Yes: a Series C round in Apr 2022 of $300M at $3.00B post-money.